Gazprom's (GAZP.RS) projection of 2013 exports to Europe of 152 billion
cubic meters, against 139 billion in 2012, may prove too high, says Sberbank
Investment Research. It notes exports may reach 147 billion cubic meters on the
back of declining output in
Europe
. "However,
it is worth noting that the utilities economics that have increasingly been
pricing gas out of the market in Europe have not abated--indeed, quite the
opposite," says Sberbank. It rates Gazprom at hold with a target price of
$6.50. Shares
are down 0.5% at RUB137.04.