(News Bulletin 247) – Jefferies maintains its buy rating on General Electric stock, with an unchanged price target of $140.
The broker reports that Orsted, one of Denmark’s leading energy companies and among the largest wind farm developers in the world, was planning $2.3 billion in write-downs in US wind (due to delays in the supply chain, the lack of tax credits in the United States or the rise in interest rates).
Orsted’s shares are also down more than 20% and Siemens is also in turmoil due to wind turbine manufacturing problems encountered in early August.
In this context, GE Vernova remains in full recovery of its wind business, with 30% of the fleet improvement program completed in July 2023, while offshore wind follows the Haliade-X learning curve with the execution of an order book that should generate a positive margin in 2025.
Jefferies recalls that in 2022, renewable energies had a turnover of 13 billion dollars, including 8.4 billion dollars for onshore wind power.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
