(Finance) – The stock is moving upwards Snam which advanced by 0.64%, given the weakness highlighted by the Milanese stock market, still benefiting from the quarterly results and the upward revision of the 2024 guidance, announced the day before.
“We raise our EPS forecast for 2024 in line with the new earnings forecasts presented by the company” and “we reiterate our ‘Overweight’ rating”, say Barclays analysts, who also confirm the target price on the stock at 5.6 euros, in the wake of the excellent results of the first quarter.
In particular, experts revise the earnings per share targets upwards by 6% to 0.37 euros from the 0.35 euros indicated previously.
The progress of theutilities in the week, compared to FTSE MIBdetects a lower relative strength of the stock, which could become prey to sellers ready to take advantage of potential weaknesses.
The short-term implications of Snam they underline the evolution of the positive phase at the test of the 4.554 Euro resistance area. A descent to the bottom 4.514 is possible. A strengthening of the curve is expected upon testing new targets of 4.594.