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McPhy Energy: Berenberg reduces target price

( - On Wednesday Berenberg reduced its target price for McPhy shares from E18 to E17, highlighting solid results for 2022, although also visibility that is deemed insufficient.

In its comments, the analyst believes that the hydrogen production equipment manufacturer has reported "encouraging" growth in order intake in 2022.

However, the analyst also believes that McPhy will need additional funding to finance its growth targets, and said that he would like to see more large contracts come through to support the group's prospects.

Berenberg therefore maintains its "hold" rating on the stock.

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