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Investing.com - Spanish infrastructure group Acciona SA (BME:ANA) stock rating was downgraded from Buy to Hold by Kepler Cheuvreux on Friday, with the price target lowered to EUR185.00 from EUR191.00.
The downgrade follows a strong performance by Acciona shares throughout 2025, driven largely by the significant re-rating of its wind turbine manufacturing subsidiary Nordex and corporate restructuring activities involving its energy unit.
Kepler Cheuvreux analyst Jose Porta cited multiple factors for the adjustment, including a mark-to-market valuation of Nordex at EUR26 (previously EUR21) and a reduction in the EBITDA multiple for Acciona’s construction business from 5x to 3.5x.
The revised price target represents just 6% upside potential from current levels, prompting the rating change despite Kepler maintaining its EUR25 target price for Acciona Energía, which implies a valuation of EUR0.9 million per megawatt.
Kepler also noted that Acciona has increased its stake in its energy unit from approximately 83.8% to about 91% through total return swaps and direct market purchases, while the company faces scrutiny related to the Servinabar-Cerdan case, which Kepler has factored into its valuation through the reduced EBITDA multiple.
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