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McPhy: Oddo still on hold, cuts target price

( - Oddo confirms its "neutral" rating on McPhy Energy shares, having reduced its target price for them from 14 euros to 12 euros (current price: 9.
3 euros, +3%).

The broker points out that 114 million euros in aid is planned for the development of the Gigafactory, while the French government is accelerating its plan to support the creation of a new hydrogen industry.

One of the challenges will be to respect the investment's timing, with the new unit set to be commissioned at the start of 2024, Oddo says, which points out that against this there will obviously be an increase in short-term losses.

The analyst recalls that other large-scale projects are under discussion too, such as the GreenH2Atlantic project in Portugal involving the installation of 100 MW of electrolysers, the largest project at this stage for McPhy.

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