Eni S.p.A. / Analyst ratings
Price targets
Analyst ratings
5 analysts rated this company in the past 90 days. The average target price is €15.60, this is a change of +6.0% compared to the current price.
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Goldman raises target for Eni to 16 euros - 'Buy'
NEW YORK (dpa-AFX Analyst) - US investment bank Goldman Sachs has raised its price target for Eni from €15 to €16 and maintained its "Buy" rating. According to his current assessment of the oil industry on Wednesday evening, analyst Michele della Vigna sees immense risks for the Brent price and market expectations for the companies in 2026. However, Eni is becoming increasingly profitable./ag/mf
Publication of the original study: September 24, 2025 / 6:37 PM / CEST
First distribution of the original study: Date not specified in study / Time not specified in study / Time zone not specified in study
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 16 euros
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has maintained its rating for Eni at "Overweight" with a price target of €16. In the European oil and gas sector, the focus is increasingly shifting toward the resilience of companies, wrote Matthew Lofting in a study published Tuesday. Due to the prospect of a growing global oil supply surplus, the tone is becoming more cautious. Under these circumstances, the expert reiterated his positive assessments for Eni and Saipem, while highlighting Equinor as the most negative recommendation.
Publication of the original study: September 8, 2025 / 11:52 PM / BST. First distribution of the original study: September 9, 2025 / 12:15 AM / BST.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC downgrades Eni to 'Sector Perform' - target €17
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has downgraded Eni shares from "Outperform" to "Sector Perform," with its price target unchanged at €17. The stock has benefited significantly in recent months from several transactions that should help the oil company maintain its strong balance sheet, Biraj Borkhataria wrote in an assessment released Tuesday. He continues to view the transformation strategy positively. However, this now appears to be increasingly priced in, which is why the stock is ripe for a breather. Other sector stocks have more potential./rob/gl/ag
Publication of the original study: September 1, 2025 / 7:39 p.m. / EDT First distribution of the original study: September 2, 2025 / 12:45 a.m. / EDT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni's 'Outperform' rating - target €17
NEW YORK (dpa-AFX Analyser) - The Canadian bank RBC has maintained its rating for Eni at "outperform" with a price target of 17 euros after a meeting with CFO Francesco Gattei. With its own repositioning in a "satellite model," the oil company is addressing three challenges of the energy transition, wrote Biraj Borkhataria in a study released Thursday./rob/tih/he
Publication of the original study: August 28, 2025 / 1:41 p.m. / EDT First distribution of the original study: August 28, 2025 / 1:41 p.m. / EDT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 16 euros
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has maintained an "overweight" rating on Eni with a price target of €16. Matthew Lofting praised Eni for keeping its promises regarding divestments and debt reduction in an assessment of the oil sector released Thursday ahead of a specialist seminar beginning at the end of August. He sees room for improvement regarding share buybacks in 2025./ajx/ag
Publication of the original study: August 27, 2025 / 4:10 p.m. / BST First distribution of the original study: August 28, 2025 / 12:15 a.m. / BST
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 16 euros
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has maintained its rating for Eni at "Overweight" with a price target of €16. While oil markets are moving toward a surplus as the OPEC cartel increases its quotas, Matthew Lofting wrote in a sector analysis released Tuesday. However, from the perspective of European oil companies, this is offset by renewed shortages in the diesel market, which are likely to persist until 2026. Regarding Eni, the expert emphasized, among other things, the attractive valuation of the shares based on the above-average free cash flow yield compared to the industry.
Publication of the original study: August 11, 2025 / 8:37 p.m. / BST
First distribution of the original study: August 12, 2025 / 12:15 a.m. / BST
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Jefferies raises target for Eni to 16 euros - 'Buy'
NEW YORK (dpa-AFX Analyst) - Research firm Jefferies raised its price target for Eni from €15 to €16 and maintained its "Buy" rating. Analyst Giacomo Romeo adjusted his estimates for the major oil companies in a study released Friday following the company's second-quarter results. He continued to express economic concerns with a view to the turn of the year 2025/26 and expects falling oil prices to put increasing pressure on the companies. Shell remains his "Top Pick" due to its planned share buybacks, disciplined investments, and a solid balance sheet./tih/mis
Publication of the original study: August 7, 2025 / 5:23 PM / ET
First distribution of the original study: August 7, 2025 / 7:00 PM / ET
Note: Information on the disclosure obligation for conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Goldman maintains Eni's 'Buy' rating - target €15
NEW YORK (dpa-AFX Analyst) - US investment bank Goldman Sachs has maintained its "Buy" rating for Eni with a price target of €15. In a study released Friday, Michele della Vigna drew an industry conclusion from the second-quarter reporting season so far. Major oil companies have performed mixed. In an uncertain economic environment, he prefers companies with a healthy balance sheet to ensure high cash returns for shareholders. He specifically mentioned Shell. Eni is one of the companies where he sees the greatest potential for divesting parts of his business in the coming years./tih/nas
Publication of the original study: August 6, 2025 / 6:50 PM / CEST
First distribution of the original study: Date not specified in study / Time not specified in study / Time zone not specified in study
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Goldman maintains Eni's 'Buy' rating - target €15
NEW YORK (dpa-AFX Analyst) - US investment bank Goldman Sachs has maintained its "Buy" rating for Eni with a price target of €15. In a study released Friday, Michele della Vigna drew an industry conclusion on the quarterly reporting season so far. According to the report, the largest oil companies have performed mixed. In an uncertain economic environment, he favors companies with a healthy balance sheet to ensure high cash returns for shareholders. He specifically mentioned Shell. Eni is one of the companies where he sees the greatest potential for divesting parts of his business in the coming years./tih/edh
Publication of the original study: August 6, 2025 / 6:50 PM / CEST
First distribution of the original study: Date not specified in study / Time not specified in study / Time zone not specified in study
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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UBS maintains Eni at 'Neutral' - target 13 euros
ZURICH (dpa-AFX Analyst) - Swiss bank UBS has maintained its "neutral" rating on Eni after its earnings release, with a price target of €13. The oil and gas group has had a solid quarter and also raised its outlook for operating cash flow, Joshua Stone wrote in an initial reaction on Friday./rob/gl/zb
Publication of the original study: July 25, 2025 / 7:20 a.m. / GMT First distribution of the original study: July 25, 2025 / Time not specified in study / Time zone not specified in study
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG), Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 16 euros
NEW YORK (dpa-AFX Analyst) - Following its quarterly results, US bank JPMorgan maintained Eni's "Overweight" rating with a price target of €16. The oil and gas company slightly exceeded expectations and is well on track to meet its annual targets, wrote Matthew Lofting in his response released Friday./rob/gl/zb
Publication of the original study: July 25, 2025 / 7:52 a.m. / BST First distribution of the original study: July 25, 2025 / 7:55 a.m. / BST
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG), Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Jefferies maintains Eni at 'Buy' - target 15 euros
NEW YORK (dpa-AFX Analyst) - Following its quarterly results, analyst firm Jefferies maintained a "Buy" rating on Eni with a price target of €15. The oil and gas company exceeded expectations and partially raised its outlook, Giacomo Romeo wrote in an initial reaction on Friday./rob/gl/zb
Publication of the original study: July 25, 2025 / 3:45 a.m. / Time zone not specified in study. First distribution of the original study: July 25, 2025 / 3:45 a.m. / Time zone not specified in study.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG), Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni's 'Outperform' rating - target €17
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained Eni's "Outperform" rating with a price target of €17 following its quarterly results. The oil and gas company exceeded expectations thanks to increased self-help measures and continued business momentum, Biraj Borkhataria wrote in an initial reaction on Friday./rob/gl/zb
Publication of the original study: July 25, 2025 / 2:16 a.m. / EDT First distribution of the original study: July 25, 2025 / 2:16 a.m. / EDT
Note: Information on the disclosure obligation for conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG), Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni's 'Outperform' rating - target €17
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained its rating for Eni at "outperform" ahead of its quarterly results, with a price target of €17. Its forecasts for the oil company's net profit and operating cash flow are above consensus estimates, Biraj Borkhataria wrote in an outlook released Wednesday./edh/he
Publication of the original study: July 23, 2025 / 11:48 a.m. / EDT First distribution of the original study: July 23, 2025 / 11:48 a.m. / EDT
Note: Information on the disclosure obligation for conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG), Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 16 euros
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has maintained its rating for Eni at "Overweight" ahead of the sector's quarterly results, with a price target of €16. Economic headwinds are strong, Matthew Lofting wrote in a sector outlook on Wednesday. Given the sharp price fluctuations and geopolitical events, the industry's major players are likely to be sitting on cash during the quarterly earnings season. Eni shares are attractively valued in terms of the return on cash from operating activities (free cash flow)./bek/ag
Publication of the original study: July 15, 2025 / 1:21 PM / BST
First distribution of the original study: July 15, 2025 / 1:21 PM / BST
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 16 euros
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has maintained its rating for Eni at "Overweight" ahead of the company's quarterly results for the oil and gas sector, with a price target of €16. Company-specific aspects are likely to overshadow the bigger picture, wrote Matthew Lofting in his outlook published on Wednesday. Given the recent sharp price fluctuations, companies are likely to remain tight-lipped about their annual targets and medium-term ambitions./bek/ag
Publication of the original study: July 2, 2025 / 12:59 AM / BST
First distribution of the original study: July 2, 2025 / 1:10 AM / BST
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Jefferies maintains Eni at 'Buy' - target 15 euros
NEW YORK (dpa-AFX Analyst) - The analyst firm Jefferies has maintained a "Buy" rating on Eni with a price target of €15. Profits of European oil companies are likely to have declined significantly in the second quarter compared to the start of the year and will continue to decline, Giacomo Romeo wrote in his industry outlook published Monday. Consensus estimates are expected to decline by an average of 4 percent, and for Eni, BP, and Galp, by even more than 10 percent. The recent tensions in the Middle East have only temporarily distracted from the structural headwinds facing the oil market. Shell, meanwhile, continues to stand out with the best capital utilization strategy and can finance its capital requirements from day-to-day operations. At Eni, Romeo praised the potential for debt reduction through well-considered divestments of activities.
Publication of the original study: June 27, 2025 / 1:46 PM / ET. First distribution of the original study: June 29, 2025 / 7:00 PM / ET.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Jefferies maintains Eni at 'Buy' - target 15 euros
NEW YORK (dpa-AFX Analyst) - Following a company event, analyst Jefferies maintained its rating for Eni at "Buy" with a price target of €15. Management presentations confirmed its view that the Italian oil company is a unique investment in its sector, Giacomo Romeo wrote on Tuesday. Eni combines growth in the production business with a high volume of available resources and low-carbon business units./rob/la/gl
Publication of the original study: June 24, 2025 / 1:07 a.m. / Time zone not specified in the study. First distribution of the original study: June 24, 2025 / 1:07 a.m. / Time zone not specified in the study.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 16 euros
NEW YORK (dpa-AFX Analyst) - Against the backdrop of the Israeli-Iranian conflict, US bank JPMorgan has maintained Eni's "Overweight" rating with a price target of €16. Among European oil and gas companies, he prefers those that have benefited most from price developments and are the most robust, wrote Matthew Lofting in an industry report released Tuesday. Shell, TotalEnergies, and Eni are his fundamental "Overweight" recommendations, and Shell is his "Top Pick." For the British, which leads the major providers in terms of free cash flow yield, the self-help potential also improves the risk/reward profile./gl/edh
Publication of the original study: June 16, 2025 / 9:37 p.m. / BST First distribution of the original study: June 17, 2025 / 12:15 a.m. / BST
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni at 'Outperform' - target 18 euros
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained an "outperform" rating on Eni with a price target of €18. In his commentary on oil and gas companies on Monday, Biraj Borkhataria addressed the recent RBC Global Energy, Infrastructure & Power conference. From a macroeconomic perspective, a bull market for oil is not in sight, while there is a positive consensus for US gas. Views for European gas are mixed. Interest in energy services remains stable despite uncertainties./ck/ag
Publication of the original study: June 8, 2025 / 9:08 p.m. / EDT
First distribution of the original study: June 9, 2025 / 12:45 a.m. / EDT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Goldman lowers target for Eni to 15 euros - 'Buy'
NEW YORK (dpa-AFX Analyst) - US investment bank Goldman Sachs lowered its price target for Eni from €16 to €15, but maintained its "Buy" rating. Michele della Vigna, on Wednesday evening, assessed the European oil companies' reporting season as mixed. In the weaker economic environment, he favors Shell due to its robust balance sheet, which allows for relatively high dividend payouts, as well as Repsol and Galp due to their exceptional cash flow increases. On average, the expert cut his earnings estimates through 2026 by up to 11 percent./ag/ajx
Publication of the original study: May 7, 2025 / 8:37 PM / CEST
First distribution of the original study: Date not specified in study / Time not specified in study / Time zone not specified in study
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan lowers target for Eni to 16 euros - 'Overweight'
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan lowered its price target for Eni from €18 to €16, but maintained its "Overweight" rating. Given oil prices, as well as heightened concerns about global trade, tariffs, and OPEC's response function, valuations in the sector appear fair but not cheap, wrote Matthew Lofting in an industry commentary published Wednesday. He continues to emphasize the resilience of the "Overweight" rated stocks Shell, Totalenergies, and Eni and sees his assessment of Shell as a "Top Pick" confirmed. In contrast, the expert downgraded Equinor to "Neutral."
Publication of the original study: May 6, 2025 / 8:23 PM / BST
First distribution of the original study: May 7, 2025 / 12:15 AM / BST
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Goldman lowers target for Eni to 16 euros - 'Buy'
NEW YORK (dpa-AFX Analyst) - US investment bank Goldman Sachs lowered its price target for Eni from €17 to €16, but maintained its "Buy" rating. Analyst Michele della Vigna praised the Italian company's consistently strong quarterly figures on Thursday evening, noting that asset sales are helping to bolster its balance sheet. However, he adjusted his estimates to reflect lower oil and gas prices./ag/jha/
Publication of the original study: April 24, 2025 / 9:02 PM / CEST
First distribution of the original study: Date not specified in study / Time not specified in study / Time zone not specified in study
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Jefferies maintains Eni at 'Buy' - target 17 euros
NEW YORK (dpa-AFX Analyst) - Following the release of Eni's quarterly results, analyst Jefferies maintained a "Buy" rating with a price target of €17. Statements by the CFO and senior management during the conference call provided further details on the identified €2 billion savings potential, analyst Giacomo Romeo wrote in a report released Thursday. It was also emphasized that the €1.5 billion share buyback this year, following approval by the annual general meeting, would be the minimum. Romeo therefore concluded that the oil and gas company's shares remain attractive even in a weaker macroeconomic environment./ck/jha/
Publication of the original study: April 24, 2025 / 11:24 AM / ET
First distribution of the original study: April 24, 2025 / 11:24 AM / ET
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni at 'Outperform' - target 18 euros
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained its rating for Eni at "outperform" following its first-quarter results, with a price target of €18. The energy group performed strongly, wrote analyst Biraj Borkhataria in a report published Thursday. The balance sheet remains comfortable./la/mis
Publication of the original report: April 24, 2025 / 2:11 a.m. / EDT First distribution of the original report: April 24, 2025 / 2:11 a.m. / EDT
Note: Information on the disclosure obligation for conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni at 'Outperform' - target 18 euros
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained its rating for Eni at "outperform" with a price target of €18. The Italian company's shares have been under even greater pressure during the recent price slump in the energy sector, analyst Biraj Borkhataria wrote in his commentary published Tuesday. They are seen as particularly dependent on oil prices. The balance between opportunities and risks is now quite positive ahead of the quarterly report./ag/la
Publication of the original study: April 22, 2025 / 3:52 a.m. / EDT First distribution of the original study: April 22, 2025 / 3:52 a.m. / EDT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Goldman maintains Eni 'Buy' - target 17 euros
NEW YORK (dpa-AFX Analyst) - US investment bank Goldman Sachs has maintained a "Buy" rating on Eni with a price target of €17. Growth, balance sheets, and cash inflows at the major European oil companies likely developed differently in the first quarter, wrote analyst Michele della Vigna in an industry outlook published Wednesday. At Shell, he highlighted a number of project launches and a focus on capital discipline with scope for further cost reductions. The British company, along with Saudi Aramco, Equinor, and Galp, also benefited from strong balance sheets. Repsol, BP, and Eni scored highly, offering the greatest opportunities through the sale of activities in the coming years. Investors could also look forward to the highest capital returns at Repsol, Totalenergies, and Shell./gl/tav
Publication of the original study: April 1, 2025 / 10:16 PM / CEST. First distribution of the original study: Date not specified in study / Time not specified in study / Time zone not specified in study.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan puts Eni on 'Positive Catalyst Watch' - 'Overweight'
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has assigned Eni shares "Positive Catalyst Watch" status, expecting positive news regarding the company's first-quarter results. The fundamental rating was maintained at "Overweight" with a price target of €18. Tactically, he is looking for energy companies that offer solid first-quarter business, seasonal fluctuations, trading potential, and debt reduction – Eni is best suited for this, wrote analyst Matthew Lofting in his industry commentary published on Tuesday./edh/ag
Publication of the original study: March 31, 2025 / 11:39 PM / GMT
First distribution of the original study: April 1, 2025 / 12:15 AM / GMT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni at 'Outperform' - target 18 euros
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained its rating for Eni at "Outperform" with a price target of €18. The energy company's upstream strategy and exploration continued to deliver results, wrote analyst Biraj Borkhataria in his commentary published Thursday following a roadshow with management in the US./edh/ag
Publication of the original study: March 20, 2025 / 12:46 AM / EDT
First distribution of the original study: March 20, 2025 / 12:46 AM / EDT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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UBS maintains Eni at 'Neutral' - Target 14 euros
ZURICH (dpa-AFX Analyst) - Swiss bank UBS has maintained its rating for Eni at "neutral" with a price target of €14. The oil company's decision to sell project stakes in Côte d'Ivoire and Congo is positive news, analyst Joshua Stone wrote on Wednesday. This represents a slight reduction in the leverage ratio./mf/ag
Publication of the original study: March 19, 2025 / 7:50 a.m. / GMT
First distribution of the original study: March 19, 2025 / 7:50 a.m. / GMT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Jefferies maintains Eni at 'Buy' - target 17 euros
NEW YORK (dpa-AFX Analyser) - The analysis house Jefferies has left the rating for Eni at "Buy" with a price target of 17 euros after several investor events. The roadshow reinforced his view that the oil company is a unique investment in the industry, characterized by strong growth, competitive returns, and declining debt, wrote analyst Giacomo Romeo in his commentary published on Monday./edh/ag
Publication of the original study: March 16, 2025 / 2:09 p.m. / ET
First distribution of the original study: March 16, 2025 / 8:00 p.m. / ET
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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UBS maintains Eni at 'Neutral' - Target 14 euros
ZURICH (dpa-AFX Analyst) - Swiss bank UBS maintained its rating for Eni at "neutral" after a capital markets event, with a price target of €14. The Italian utility has increased its payout ratio for the second time in a year, analyst Joshua Stone wrote on Monday evening. With regard to free operating cash (cash flow), the situation is expected to improve over the course of the year./bek/ag
Publication of the original study: March 3, 2025 / 6:26 PM / GMT
First distribution of the original study: March 3, 2025 / 6:26 PM / GMT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Goldman maintains Eni's 'Buy' rating after figures
NEW YORK (dpa-AFX Analyst) - US investment bank Goldman Sachs has maintained its "Buy" rating for Eni after the company's earnings release, with a price target of €17. The energy supplier missed expectations for the fourth quarter, analyst Michele della Vigna wrote in a quick assessment released Thursday. Free cash flow was very strong compared to the consensus estimate./ck/gl
Publication of the original study: February 27, 2025 / 8:32 a.m. / CET. First distribution of the original study: Date not specified in study / Time not specified in study / Time zone not specified in study.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni's 'outperform' rating after figures
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained its rating for Eni at "outperform" with a price target of €18 following the company's earnings release. The energy supplier missed expectations for the fourth quarter, analyst Biraj Borkhataria wrote in a report released Thursday. Cash flow from operating activities, however, was very strong compared to the consensus estimate, but at the same time, it met its estimate./ck/gl
Publication of the original study: February 27, 2025 / 2:14 AM / EST. First distribution of the original study: February 27, 2025 / 2:14 AM / EST.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 18 euros
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has maintained its rating for Eni at "Overweight" with a price target of €18 following the company's results. Analyst Matthew Lofting wrote in a report released Thursday that fourth-quarter results were mixed. However, he described the company's cash flow from operations (CFFO) as solid. Attention now turned to a capital markets day in anticipation of medium-term targets and details of the strategy in Asia./tih/gl
Publication of the original study: February 27, 2025 / 08:15 / GMT. First distribution of the original study: February 27, 2025 / 08:18 / GMT.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Jefferies maintains Eni's 'Buy' rating after figures
NEW YORK (dpa-AFX Analyst) - The analyst firm Jefferies has maintained its "Buy" rating for Eni with a price target of €17. The energy supplier's earnings missed expectations for the fourth quarter, wrote analyst Giacomo Romeo in a quick assessment released Thursday. Cash flow, however, was better than expected./ck/mis
Publication of the original study: February 27, 2025 / 3:06 a.m. / ET
First distribution of the original study: February 27, 2025 / 3:06 a.m. / ET
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG), Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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UBS maintains Eni at 'Neutral' - Target 14 euros
ZURICH (dpa-AFX Analyst) - Swiss bank UBS has maintained its rating for Eni at "Neutral" after the company's earnings release, with a price target of €14. While the oil company's earnings figures were disappointing compared to expectations, cash flow was better than expected, wrote analyst Joshua Stone in a study released Thursday./tih/mis
Publication of the original study: February 27, 2025 / 7:40 a.m. / GMT
First distribution of the original study: February 27, 2025 / 7:40 a.m. / GMT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG), Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni at 'Outperform' - target 18 euros
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained Eni's "Outperform" rating with a price target of €18. Given already lower expectations, risks are limited ahead of the oil company's quarterly results due on Thursday, analyst Biraj Borkhataria wrote in an outlook published Tuesday. Also due to the weak share price performance since the beginning of the year, the opportunities outweigh the risks./gl/ajx
Publication of the original study: February 25, 2025 / 4:40 a.m. / EST. First distribution of the original study: February 25, 2025 / 4:40 a.m. / EST.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 18 euros
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has maintained its rating for Eni at "Overweight" with a price target of €18. The Italian company's shares remain an industry favorite for analyst Matthew Lofting, even in the scenario of falling gas prices in Europe. According to his assessment released Thursday, he considers them attractively valued./ag/la
Publication of the original study: February 19, 2025 / 6:58 p.m. / GMT
First distribution of the original study: February 20, 2025 / 12:15 a.m. / GMT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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UBS lowers Eni to 'Neutral' and target to 14 euros
ZURICH (dpa-AFX Analyst) - Swiss bank UBS has downgraded Eni from "Buy" to "Neutral" and lowered its price target from €15.50 to €14. There is less room for positive surprises at the Italian oil company, analyst Joshua Stone argued in a study released Wednesday. He also pointed out that the shares had performed better than those of competitors since mid-June.
Publication of the original study: January 8, 2025 / 4:47 PM / GMT
First distribution of the original study: January 8, 2025 / 4:47 PM / GMT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni at 'Outperform' - target 18 euros
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained its rating for Eni at "Outperform" with a price target of €18. The Italian company opened the discussion about its chemicals business with the bleak outlook for basic chemicals in Europe, analyst Biraj Borkhataria wrote on Wednesday after a round of analysts with the company's CEO and CFO. Europeans are at a competitive disadvantage for many reasons. Ethylene production costs an average of €750 per ton here, around €200 in the Middle East, and around €300 in North America. Eni subsidiary Versalis produces for about €1,000 per ton. The focus for Eni shares is on the restructuring of the entire group at home. Here, they're doing their best./ag/mne
Publication of the original study: December 4, 2024 / 6:33 a.m. / EST
First distribution of the original study: December 4, 2024 / 6:33 a.m. / EST
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 18 euros
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has maintained an "Overweight" rating on Eni with a price target of €18. In 2025, macro factors such as the policies of the oil alliance OPEC+ and gas prices are likely to be more important than company-specific factors, analyst Matthew Lofting wrote in his outlook for the oil industry published Friday. Shell remains one of his favorites, following optimistic statements from CEO Wael Sawan. Eni's focus is on reducing debt through the sale of activities./gl/ag
Publication of the original study: November 7, 2024 / 10:46 PM / GMT. First distribution of the original study: November 8, 2024 / 12:15 AM / GMT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Goldman maintains Eni's 'Buy' rating - target 18 euros
NEW YORK (dpa-AFX Analyst) - US investment bank Goldman Sachs has maintained its "Buy" rating for Eni with a price target of €18. The European oil companies performed solidly in the third quarter, wrote analyst Michele della Vigna in his commentary on the earnings season published Tuesday. For the fourth quarter, he is betting primarily on Repsol, OMV, and Equinor. In general, the Europeans remained significantly more favorably valued than their US competitors./ag/gl
Publication of the original study: November 4, 2024 / 8:38 PM / CET. First distribution of the original study: Date not specified in study / Time not specified in study / Time zone not specified in study.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 18 euros
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has maintained its rating for Eni at "Overweight" with a price target of €18. Analyst Matthew Lofting also kept the Italian company's shares on the investment bank's favorites list on Friday evening following the quarterly report. The core business is running smoothly, and the new strategy is gaining momentum./ag/ajx
Publication of the original study: October 25, 2024 / 6:33 p.m. / BST
First distribution of the original study: October 25, 2024 / 7:03 p.m. / BST
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni at 'Outperform' - target 18 euros
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained its rating for Eni at "Outperform" following its quarterly results, with a price target of €18. The oil company has presented solid key figures, wrote analyst Biraj Borkhataria in an initial reaction on Friday./edh/ajx
Publication of the original study: October 25, 2024 / 2:16 a.m. / EDT
First distribution of the original study: October 25, 2024 / 2:16 a.m. / EDT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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UBS maintains Eni at 'Buy' - target 15 euros
ZURICH (dpa-AFX Analyst) - Swiss bank UBS has maintained its "Buy" rating for Eni following its third-quarter results, with a price target of €15. In an initial assessment released Friday, analyst Joshua Stone praised the oil company's results, which exceeded earnings expectations. In addition, the company raised its share buyback targets. However, he also mentioned the reduced target for operating profit, which he said was related to the price development of energy sources./tih/mis
Publication of the original study: October 25, 2024 / 7:09 a.m. / GMT
First distribution of the original study: October 25, 2024 / 7:09 a.m. / GMT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Jefferies maintains Eni at 'Buy' - target 17 euros
NEW YORK (dpa-AFX Analyst) - The analyst firm Jefferies has maintained its "Buy" rating for Eni following its quarterly results, with a price target of €17. The oil company's earnings figures were significantly better than expected, wrote analyst Giacomo Romeo in an initial reaction on Friday./edh/zb
Publication of the original study: October 25, 2024 / 2:52 a.m. / ET
First distribution of the original study: October 25, 2024 / 2:52 a.m. / ET
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG), Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Jefferies resumes Eni with 'Buy' - target 17 euros
NEW YORK (dpa-AFX Analyst) - The analyst firm Jefferies has reinstated Eni with a "Buy" rating and a price target of €17. Analyst Giacomo Romeo wrote in a report published Tuesday that he has adjusted his valuation model for the oil company to reflect the spin-off of its British production business. The stock should continue to outperform the industry.
Publication of the original report: October 15, 2024 / 12:14 PM / ET First distribution of the original report: October 15, 2024 / 12:14 PM / ET
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni at 'Outperform' - target 18 euros
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC has maintained its rating for Eni at "Outperform" with a price target of €18. Analyst Biraj Borkhataria adjusted his estimates for the oil company's third quarter based on recent commodity price developments. The changes, however, are minimal, he wrote in a study released Monday./ajx/mis
Publication of the original study: October 14, 2024 / 7:16 a.m. / EDT First distribution of the original study: October 14, 2024 / 7:16 a.m. / EDT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG), Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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JPMorgan maintains Eni at 'Overweight' - target 18 euros
NEW YORK (dpa-AFX Analyst) - US bank JPMorgan has maintained an "overweight" rating on Eni with a price target of €18. Macro factors such as the risk premium for the situation in the Middle East, robust demand, and OPEC+ policies are likely to remain more important for Europe's oil companies than company-specific factors, analyst Matthew Lofting wrote in his industry outlook on the upcoming quarterly results published Wednesday. He prefers Shell, Eni, TotalEnergies, and OMV, which he sees as offering the best combination of medium-term debt and short-term resilience./gl/ag
Publication of the original study: October 8, 2024 / 10:03 PM / BST First distribution of the original study: October 9, 2024 / 12:15 AM / BST
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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Goldman maintains Eni's 'Buy' rating - target 18 euros
NEW YORK (dpa-AFX Analyst) - US investment bank Goldman Sachs has maintained its "Buy" rating for Eni with a price target of €18. Analyst Michele della Vigna pointed to the weaker economic environment. However, he wrote in a study on oil stocks released Thursday that there is still room for attractive growth in the sector. He prefers defensive stocks with strong balance sheets./ajx/stk
Publication of the original study: September 25, 2024 / 10:57 PM / CEST. First distribution of the original study: Date not specified in study / Time not specified in study / Time zone not specified in study.
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni at 'Outperform' - target 18 euros
NEW YORK (dpa-AFX Broker) - Canadian bank RBC has maintained its rating for Eni at "outperform" with a price target of €18 after discussions with industry representatives. Several oil multinationals have pointed out that, despite the extraordinary volatility of recent years following the Russian invasion of Ukraine, the oil and gas markets are slowly becoming more efficient due to the reorganization of trade flows, analyst Biraj Borkhataria wrote in a study released Monday. And after more than 60 elections this year, there have been a number of changes in both rhetoric and policy, which have likely dampened sentiment in areas such as renewable fuels, hydrogen, and biogas./la/jha/
Publication of the original study: September 1, 2024 / 3:56 p.m. / EDT First distribution of the original study: September 2, 2024 / 4:00 p.m. / EDT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.
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RBC maintains Eni at 'Outperform' - target 18 euros
NEW YORK (dpa-AFX Analyst) - Canadian bank RBC maintained its rating for Eni at "outperform" with a price target of €18 following a meeting with CFO Francesco Gattei. Analyst Biraj Borkhataria wrote in a report released Thursday that progress was being made in selling assets. The oil company's balance sheet will likely be significantly relieved if the company successfully manages the numerous ongoing lawsuits./tih/bek
Publication of the original study: August 28, 2024 / 5:13 p.m. / EDT
First distribution of the original study: August 29, 2024 / 12:45 a.m. / EDT
Note: Information on the disclosure obligation in the event of conflicts of interest within the meaning of Section 85 (1) of the German Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 for the aforementioned analyst firm can be found at http://web.dpa-afx.de/offenlegungspflicht/offenlegungs_pflicht.html.