(News Bulletin 247) – Berenberg announced on Wednesday that it had reduced its target price on Neoen, from 40 to 33 euros in order to take into account the recent capital increase of the specialist in renewable energies.
The design office – which maintains its recommendation to ‘keep’ the title – estimates that the fundraising of 750 million euros will allow the group to clear the way for its development.
But the analyst also points out that the stock is still trading at a premium to its closest peers, although this has narrowed due to the stock’s underperformance since inception. of the year.
‘The capital increase allows the company to be well financed with a view to achieving its growth objectives, but the acceleration of its pace of development – accompanied moreover by a robust profitability – remains the most challenging facing the company,” concludes Berenberg.
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