EDF downgraded to equal-weight at Morgan Stanley
LONDON (MarketWatch) — Morgan Stanley downgraded Electricite de France to equal-weight from overweight, saying it believes the stock will continue to trade at a discount to net asset value until there is more clarity on the new tariff system. The broker added, however, that the proposed new French rules could be a long-term positive for shareholders by making EDF “a largely regulated nuclear generator with higher visibility on earnings and cash flows than most liberalized generators, but reduced exposure to wholesale power prices.”
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