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    Monday, November 23, 2009

    Energias De Portugal Upped To Buy At Deutsche Bank

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    By Barbara Kollmeyer
    MarketWatch Pulse
       

      MADRID -- Energias de Portugal was upgraded to buy from hold on Monday at Deutsche Bank, which likes the European utility for its "low-risk profile with a green theme angle." Only 20% of the company's earnings before interest, taxes, depreciation and amortization are exposed to market risk, with their green growth focus allowing for wider margins, said the analysts. The group is also cheaper than the rest of its sector, and a capital increase or dividend cut have been firmly ruled out. "We believe that the 20% price upside, a 4% yield and its regulated profile in the presently low power price environment represent a good buying opportunity," said the analysts. The target price was lifted to 3.6 euros from 2.9 euros a share.

      Copyright © 2009 MarketWatch, Inc.

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