UBS upgrades Endesa (ELE.MC) to buy from neutral, raises target price to
EUR24 from EUR23.50. UBS says the company is increasingly
under-leveraged and cash-flow positive, which could translate into a
stepped-up payout or a special dividend.
UBS also sees a chance of a
buyout of minority holders buy Enel
(ENEL.MI).
Shares closed Wednesday at EUR18.91.