Engie is down more than 1% on a recommendation downgrade to 'hold' at Jefferies, with a price target lowered by 11% to 16.60 euros, seeing better risk/reward ratios elsewhere in its sector over the next 12 months.

We are tempering our optimism on Engie as we see a lack of convincing catalysts that could help offset the handicap of French politics and the weakness of Engie Brasil', explains the broker in the summary of its note.

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