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Investing.com - Deutsche Bank has raised its price target on Wartsila Oyj Abp (HEL:WRT1V) to EUR22.00 from EUR21.00 while maintaining a Hold rating ahead of the company’s third-quarter results.
The Finnish marine and energy equipment manufacturer is scheduled to report its Q3 results on October 28, with management outlook remaining unchanged from previous guidance, which called for a relative peak in energy deliveries in Q4 and continued growth in marine.
Deutsche Bank notes that demand for engines remains strong in the energy sector due to continued baseload and balancing power build-out, while positive trends continue in most marine markets driven by decarbonization efforts.
The bank’s estimates for Wartsila’s Q3 performance are ahead of consensus by approximately 4% on group orders of EUR1.9 billion, representing 15% organic year-over-year growth, though 4% below consensus on group revenue of EUR1.7 billion.
Deutsche Bank forecasts adjusted EBIT of EUR192 million at an 11.1% margin for Wartsila, slightly above the consensus expectation of 10.9%, with the updated price target reflecting adjustments for foreign exchange and current trading conditions.
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