Deutsche Bank - RWE: negative assessment confirmed

To reduce air pollution China would probably have to reduce its coal based energy production in the favor of cleaner energy sources. The weak price for coal which may be expected in that context might have an ongoing negative effect on energy prices in Central and Northern Europe. This seems to be confirmed by the negative assessment of utility corporations by the analysts and among them, RWE. On the other hand, there might be some corporations on the winning side, such as e.g. EDF (Electricité de France Aktie) in the nuclear energy segment, GDF SUEZ (Engie SA Aktie) or Gas Natural (Naturgy Energy Group SA Aktie) with their activities on the liquid gas sector and Iberdrola (Iberdrola SA Aktie), due to the higher gas and energy prices in Spain.

The analysts of Deutsche Bank reiterate their "sell" rating for the stock of RWE with a target price remaining of EUR 27. (Analysis dated March 1, 2013) (01.03.2013/ac/a/d)

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