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Endesa downgraded to Sell from Neutral at Citi

Citi downgraded Endesa (ELEZY) to Sell from Neutral with a EUR 20.30 price target The recent rally in the shares has been driven by a “combination of announced SBB, potential investment opportunities and macro support in search of defensives,” but Citi believes that “potential investment opportunities are now fully priced in the shares.”

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