Iberdrola price target lowered to EUR 12.50 from EUR 13 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Iberdrola (IBDRY) to EUR 12.50 from EUR 13 and keeps a Hold rating on the shares. Having called time on the rally in October, the firm is upgrading its market relative view back to positive for the sector. European utilities trade at an exceptional discount, with thematic risks overestimated, Deutsche tells investors in a research note on Friday.