(News Bulletin 247) – Stifel reaffirms its ‘buy’ recommendation on Neoen with a price target lowered from 42 to 36 euros, after an investor day ‘having confirmed the negative sentiment of the market on capital increases and potential dilution’.
“We believe that this is not over, and estimate between 1.9 and 2.9 billion euros the new capital required after 2025 to reach the 2030 objective of 20 GW”, judges the broker, for whom “the ‘M&A appeal could start to build on the stock’.
Stifel remains long on the renewable energy group’s stock, ‘on the basis of above-industry average growth, top-notch execution and M&A (mergers and acquisitions) appeal potential’ that he sees in the file.
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