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Investing.com - Deutsche Bank downgraded Thyssenkrupp Nucera AG (ETR:NCH2) from Buy to Hold while maintaining a price target of EUR12.00.
The downgrade follows a strong recovery in Thyssenkrupp Nucera shares since September, with Deutsche Bank noting the stock now offers "limited upside of ~10%" to their unchanged target price.
Deutsche Bank cited ongoing delays in the green hydrogen sector, where order decisions continue to be postponed, leading the bank to reduce its green hydrogen sales forecast for fiscal years 2025 and 2026 by approximately 30%.
The revised outlook reflects Deutsche Bank’s assessment of a slower market ramp-up and continued delays in project awards across the green hydrogen segment.
Despite these challenges, Deutsche Bank still forecasts Thyssenkrupp Nucera’s group EBIT to remain "close to break-even for FY25/26," noting that alkaline water electrolysis (AWE) contributes minimal gross profit while management has flexibility to reduce costs.
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