...and bullish investment ratings, pushing the Prague PX index to fresh highs.
CEZ traded 2.8 percent higher at 1259 GMT, above the previous December record high of 1,013.
The PX rose 0.9 percent to 1,830.8 points, a dip off an all-time high of 1,831.6 seen earlier on Wednesday.
CEZ, the biggest company in central Europe with a market capitalisation of $28.4 billion, has been supported by growing power prices and demand in central and eastern Europe.
The company approved a record dividend of 20 crowns per share and an up to 10 percent share buyback on Monday.
"The psychological reason is the buy-back approval... and in reaction to that Wood & Company raised its target price," said Komernci Banka trader Radek Neumann.
Wood & Company lifted its share price target for CEZ to 1,250 crowns from 1,075 crowns and upgraded the stock to a 'buy' from a 'hold'.
ING Wholesale Banking raised its price target to 1,032 crowns from 1,007 crowns, and kept its 'hold' rating.