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Investing.com - JPMorgan has raised its price target on Vestas Wind Systems A/S (CSE:VWS) stock to DKK164.00 from DKK161.00 while maintaining an Overweight rating.
The price target increase follows Vestas’ Q2 results, which exceeded JPMorgan’s expectations with positive indicators including orders, average selling price, warranty provisions, and order outlook. Despite a slight miss on consensus margins, the company reiterated its guidance, suggesting a recovery in the second half of the year.
JPMorgan had upgraded Vestas to Overweight last month, citing an attractive setup with improving order growth expected in the second half, diminishing offshore ramp-up risks, realistic consensus expectations for 2025-26, and multi-year subsidy visibility for onshore wind in the U.S. through the Offshore Wind Business-to-Business program.
The investment firm maintained its 2025 estimates but raised its 2026/27 margin forecasts to reflect faster normalization of warranty provisions, resulting in a 2% increase to adjusted EBIT estimates.
JPMorgan noted that benefits in 2025 from lower warranty costs would be offset by higher ramp-up costs in Vestas’ offshore business.
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