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Eni: among Morgan Stanley’s favorite European big oils

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Session of drops, albeit moderate, for Eni in Piazza Affari. The title of the Six-legged Dog, after the recent race that led it to hit the highs in 20 months, today drops 0.4% below the 12 euro threshold.

Eni, with some big names in the European oil sector, ended up under the lens of Morgan Stanley who confirmed the overweight recommendation and raised the target price to 14.7 euros (in the company of Shell it is among Morgan Stanley’s favorites in the oil sector .

Overall, according to the analysis of the US investment bank, the European oil majors are destined to generate high levels of free cash flow, reduce gearing in the balance sheet and increase the share of profits to be distributed to shareholders. With compelling valuations and bond yields driving the rotation towards value, Morgan Stanley reiterates the ‘Attractive’ view.

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