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STOCKS NEWS EUROPE-EDF sets 3-yr high on tariff review plan

Reuters - UK Focus

Shares in French state-controlled utility EDF (Paris: FR0010242511 - news) rise 3.4 percent to a three-year high of 29.7 euros and the top of the STOXX Europe 600 utilities index following news that France's highest administrative court might order a retroactive tariff increase.

The stock is also helped by bullish comments by Morgan Stanley (Berlin: DWD.BE - news) , which raises its price target for EDF to 33 euros from 30 euros and increases its earnings per share forecast.

The investment bank estimates the stock is trading at a discount of between 1 percent and 12 percent to peers in terms of forecast price/earnings ratio and dividend yield.

"We argue it deserves a premium, based on its growth and risk profile," the bank writes in a note.

Reuters messaging rm://geert.declercq.thomsonreuters.com@reuters.net