Berenberg announced on Wednesday that it had lowered its recommendation on Eni shares from 'buy' to 'hold', with a target price reduced to 15 euros from 17.5 euros.

In a note, Berenberg believes that the normalization of gas prices will penalize the results of the Italian energy group, which it considers to be a major beneficiary of the surge in hydrocarbon prices over the last two years.

While it's true that the stock is not expensive, the adverse factors weighing on earnings and the prospect of a lower payout ratio to shareholders lead us to favor other names within the sector", explains the financial intermediary.

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