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Neoen: Berenberg raises target, but maintains 'hold' rating

( - On Thursday, Berenberg raised its price target for Neoen from ?33 to ?34, judging the French renewable energy producer to be well placed to achieve its 2025 targets.

In a research note, the analyst points out that Neoen was the only player in the sector not to have revised its ambitions downwards over the past 12 months, sticking to both its volume and operating profit forecasts for 2025.

This characteristic nevertheless leads its shares to trade at a premium on the stock market, with an Enterprise Value/Ebitda multiple of 13.4x for 2025, compared with 9x for the rest of the sector.

In view of the recent series of energy storage contracts won by the Group, Berenberg nevertheless considers that the company is well positioned to meet and even exceed its 2025 targets.

Despite this, Berenberg maintains its 'hold' recommendation on the stock.

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