JPM starts Getlink with 'overweight' on green growth, pricing power

information fournie par Reuters •05/07/2023 à 09:22

** J.P.Morgan initiates Eurotunnel transport company Getlink

GETP.PA with "overweight" on strong green growth fundamentals, flexible pricing power and multiple strategic shareholders

** "We think near-term uncertainties are now largely factored into expectations," the broker says

** JPM's base-case price target is EUR 19, but it says that in a realistic bull case scenario, it rises to EUR 22, which represents 40% upside to Tuesday's closing price

** The broker notes Getlink has a number of strategic shareholders, given the long duration of the Eurotunnel concession

** Getlink has 93% of its revenues aligned with the EU Taxonomy, compared to 20-25% for tollroads and 1-4% for airports, the broker adds on the group's green growth potential

** Out of 15 analysts that cover Getlink, six rate the stock "strong buy"/"buy", ​eight "hold" and one "sell"

** The shares are up 1.9% in morning trade

(1 euro = $1.0881)

(Reporting by Nathan Vifflin)