MARKET TALK: Exane BNP Paribas Upgrades Centrica To Neutral

29th Jul 2010 10:37

0937 GMT [Dow Jones] Exane BNP Paribas upgrades Centrica (CNA.LN) to neutral from underperform and increases the price target by 46% to 350p. Says it is now more confident regarding Centrica's retail margins for the next few years. Should market gas prices remain relatively low as expected, says it will help Centrica to maintain its competitive edge in retail. Says competitors are stuck with expensive oil-linked gas supply contracts and generate much of their electricity from coal, which should enable Centrica to continue offering electricity tariffs below rivals', accelerating its market share gains. Also says the group could win new gas accounts. Shares +0.7% at 306p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 29, 2010 05:37 ET (09:37 GMT)