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Investing.com - Barclays downgraded Gore Street Energy Storage Fund (LON:GSF) from Overweight to Equalweight on Tuesday, while reducing its price target to GBP0.62 from GBP0.94.
The downgrade reflects Barclays’ cautious view on near-term cash generation for energy storage assets, with the firm revising revenue assumptions across all regions, particularly for non-GB assets.
Despite the downgrade, Barclays noted that Gore Street’s implied portfolio values remain fairly similar to competitor Gresham House Energy Storage, with Gore Street valued at £0.38m/MWh compared to Gresham House’s £0.32m/MWh.
The investment bank also highlighted that EV/EBITDA multiples currently favor Gore Street in the near term, though this wasn’t enough to maintain the previous Overweight rating.
Barclays maintained its Equalweight rating on Gresham House Energy Storage, indicating a balanced outlook for the energy storage sector amid changing market trends.
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