Neoen: Stifel cuts target price
(CercleFinance.com) - Stifel has reaffirmed its "buy" rating on Neoen, while reducing its target price from E42 to E36, after a CMD "which confirmed the negative market sentiment on the capital increases and potential dilution".
"We think this is not over, as we estimate between E1.9bn and E2.9bn of new equity required post 2025 to reach the 2030 target of 20 GW," the broker said, for which "M&A appeal could start to build up on the shares".
Stifel maintains its buy rating on the renewable energy group's stock; "based on Neoen's above sector-average growth, best-in-class execution, and the potential M&A appeal".
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"We think this is not over, as we estimate between E1.9bn and E2.9bn of new equity required post 2025 to reach the 2030 target of 20 GW," the broker said, for which "M&A appeal could start to build up on the shares".
Stifel maintains its buy rating on the renewable energy group's stock; "based on Neoen's above sector-average growth, best-in-class execution, and the potential M&A appeal".
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.