Jefferies upgrades Energean to 'hold' from 'underperform'

(Sharecast News) - Jefferies upgraded Energean on Monday to 'hold' from 'underperform' and lifted the price target to 800p from 680p. The bank said it sees the risk/reward more reasonably priced in after stock weakness year to date.

"We upgrade to hold (from U/P) with price target +17% to 800p benefitting from revised commodity prices, updated tax model assumptions supportive to NAV, Katlan development closer to completion and regional sector M&A interest," it said.

Jefferies noted the company's interim results are due on 9 September. "While our YE26e net debt estimate is higher than company guidance, overall valuation is now pricing in that dynamic, in our view," it said.

At 1445 BST, the shares were up 1.4% at 789p.