Semapa paga 148 milhões pela Imedexa na primeira compra fora do país

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LISBON, Aug 13 (Reuters) - Banco Portugues de Investimento (BPI) has lowered its stock rating and price target for Energias de Portugal (EDP) , predicting an 11 percent earnings per share dilution from the rights issue EDP is planning to allow it to acquire most of Spain's Hidrocantabrico.

In a research note dated Thursday but released publicly on Friday, BPI said it was downgrading EDP to "accumulate" from "buy" and cutting the fiscal 2005 price target to 2.55 euros from 2.70 euros.

"In the short-term EDP could be subject to significant pressure and volatility due to the capital increase," the note said.

Shares of EDP were trading at 2.27 euros at 0940 GMT, down 0.44 percent. The benchmark PSI20 index was down 0.49 percent and the DJ Stoxx utility providers index was down 0.04 percent. ((Reporting by Elinor Mills, editing by Rory Channing; elinor.mills@reuters.com, 351 21 350 9209))