Acciona Accuses RBC's Valuation Cut: "There Are Cheaper Options"

"We appreciate the growing exposure of Acciona to the concession business and consider that Acciona Energía is still undervalued. However, given that Acciona is listed with a premium on its quoted parts and is relatively more exposed to a slowdown in GDP, we believe that there are cheaper options to obtain exposure," these analysts say. RBC recently lowered its target price of Acciona Energía, although it maintained its advice to 'overweight'. A…