Pennon gets target upgrade after bagging £490mln from shareholders
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Pennon Group PLC received a share price target upgrade from Citi analysts following a successful £490 million rights issue. This funding addresses a significant financial overhang, and the company supports Ofwat's proposal to increase bills by 23% over the next five years.
February 18, 2025 | 1:00 pm
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Pennon Group PLC's share price target was upgraded by Citi analysts after a £490 million rights issue, which alleviated financial concerns. The company also supports a 23% bill increase proposal by Ofwat.
The successful rights issue of £490 million addresses financial overhang, leading to a positive outlook from Citi analysts. The support for Ofwat's bill increase proposal further strengthens the company's financial position, likely boosting investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100