Centrica price target lowered to 150 GBp from 160 GBp at Jefferies

Jefferies lowered the firm’s price target on Centrica to 150 GBp from 160 GBp and keeps a Hold rating on the shares following quarterly results. Jefferies has reduced its 2024-2026 EBIT/EPS by 2%/4% on average, and price target by 6%. Centrica’s balance sheet continues to look attractive to the firm, and while buybacks could be supportive of current price levels, it thinks more visibility is needed on returns on capex to spark a meaningful re-rating of the stock.