Exane BNP ups Endesa to 'neutral' calling its plan 'holding nothing back'

Endesa SA

25/02/2026 07:46

** Exane BNP Paribas upgrades Spanish utility Endesa ELE.MC to "neutral" from "underperform", following its 2026-28 strategic update, which aligns closely with its controlling shareholder Enel ENEI.MI

** The broker highlights a revised 10.5 billion euros  ($12.39 billion) gross capex plan, with investment in networks to lift its regulatory asset base and in renewable energy capacity

** Endesa's new targets, including a 2028 net profit of between 2.5-2.6 billion euros, are comfortably above market expectations, it notes

** It states that while long-term targets carry some uncertainty, "revised multiples are inexpensive" and the ongoing share buyback should support the stock price

** "We expect no negative surprises in the short term," it adds

** Exane BNP raises Endesa's target price by over 17% to 34 euros and Enel's TP by 2% to 10.2 euros on Endesa mark-to-market valuation

** Out of 23 analysts that cover Endesa, ​one rates the stock "buy,"​​ 12 "hold" and ten​ rate the stock "strong sell"/"sell" - LSEG data

($1 = 0.8475 euros)

(Reporting by Marta Serafinko in Gdansk)

((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))