Street Research

Goldman Sachs analyst Alberto Gandolfi added RWE AG to the firm's Conviction List with a price target of EUR 37, up from EUR 33.50. The analyst keeps a Buy rating on the shares. Ring-fencing the company's lignite activities activities would leave RWE a near-pure play on renewables, Gandolfi tells investors in a research note. The analyst sees 30% upside in a sum-of-the-parts based valuation after analyzing the next phase in RWE's transformation.

Goldman Sachs analyst Alberto Gandolfi upgraded Iberdrola to Buy from Neutral with a price target of EUR 10, up from EUR 9.75. Although the recent drop in power prices and the deprecation of key currencies will limit earnings growth to 2023, the company's portfolio by then should be 90% composed of fully regulated networks, renewables and contracted generation, which offer high quality earnings, Gandolfi tells investors in a research note. As such, the analyst expects Iberdrola to close the valuation gap to its fully regulated peers.

Goldman Sachs analyst Katherine Tait upgraded Emerald Holding to Buy from Neutral with a price target of $2.83, up from $2.78. The analyst notes that Emerald Holding confirmed on May 19 that its initial insurance claims related to shows cancelled owing to COVID-19 had been approved, removing a "significant overhang" from the stock related to uncertainty of insurance payments and therefore the company's liquidity position. Tait sees Emerald's current valuation as attractive.

Citi upgraded KDDI to Neutral from Sell with a 3,100 yen price target.

Credit Suisse analyst Danny Chen double upgraded Telekom Malaysia to Outperform from Underperform with a MYR 5.50 price target.