Neoen: Stifel upgrades stock
(CercleFinance.com) - Stifel has upgraded its rating on Neoen shares from "hold" to "buy", raising its target price for them from 36 euros to 42 euros, judging that "first-rate execution prevails, despite a complex environment".
"Despite cost inflation, the next capital hike of "up to E600m" should be enough to reach CMD target of 10 GW in operation or under construction by end-2025," the broker said.
"As of 11 January, at least ~7 GW should be in operation or under construction by end-2023," Stifel adds, calculating that the 3 GW delta (gap) "implies a conversion of 25% of the advanced pipeline to the construction phase in the next three years".
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