Oddo BHF maintains its outperform rating on Engie shares, with a target price raised from €20.5 to €21.5 after yesterday's publication of quarterly results that were "broadly in line with expectations", despite a context of normalizing energy prices.

Adjusted EBIT excluding nuclear power came in at €3.7bn, up 2% organically.

The group emphasized its ability to absorb the impact of the tariffs announced by the US. As a result, no impact is expected on the 8.5 GW of operational assets in the United States (solar, onshore, batteries).

"This publication holds no surprises, with the notable exception of the outperformance of gas networks, which contributed to strong cash flow generation (+$4 billion in operating cash flow)," the broker reported.

"We are conforted in our positive opinion on the value. The group benefits from a balanced positioning and good visibility in its main markets," the analyst concludes.


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