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Investing.com - Kepler Cheuvreux downgraded Nordex (ETR:NDXG) SE (NDX1:GR) (OTC:NRDXF) from Buy to Hold on Monday while simultaneously raising its price target to EUR18.00 from EUR14.00, representing a 29% increase.
The research firm cited limited upside potential as the primary reason for the downgrade, noting only 3% upside to the new target price makes the risk-reward profile "no longer attractive" despite improved confidence in the wind turbine manufacturer’s profit outlook.
Kepler Cheuvreux raised its adjusted EBITA estimates for Nordex by 9% for 2025 and 5% for 2026, positioning its forecasts slightly below consensus expectations following a detailed review of the company’s end-market demand and margin expansion potential for the 2025-2027 period.
The firm’s confidence that Nordex will achieve its 2025 and mid-term profit targets has strengthened over the past 12 months, influenced by expectations for higher volumes, improved price realization, and positive product mix developments.
The new EUR18.00 price target reflects Kepler Cheuvreux’s forward-looking valuation based on 2027 projections, having rolled forward its target year in the updated analysis.
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