Nordex: Oddo cautious, cuts target price

(CercleFinance.com) - Oddo maintains its "neutral" rating on the German wind turbine maker Nordex shares, having reduced its target price for them from 13 euros to 12 euros.


The broker reports that Nordex yesterday announced a capital increase of 139 million euros, via the issue of 16,002,103 shares for 8.7 euros.

This operation is reserved for Acciona, which thus increases its stake in Nordex from 33.6% to almost 40%, with the stock's free float reduced from 66.4% to 60.0%.

Through this transaction, Nordex intends to protect itself against the risks associated with short-term headwinds affecting the sector.

According to Oddo, the capital increase will result in a dilution of approximately 8%.



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