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Nel ASA: Price target lowered despite buy recommendation
Berenberg lowers price target for Nel to 8 crowns and recommends buying - analysis of quarterly figures. Expert opinion and forecasts for the hydrogen specialist.
Nel ASA: Price target lowered despite buy recommendation
After the quarterly figures, the private bank Berenberg lowered the price target for Nel ASA from 11 to 8 Norwegian crowns. Despite this reduction, the bank maintains its rating of “Buy”. Analyst James Carmichael commented that the results point to a slow start to the year for the hydrogen specialist. As a result, he has reduced his sales forecasts for 2024 and 2025 by 9 and 11 percent, respectively.
The shares of the company Nel ASA reacted to the new forecasts of the private bank Berenberg, which lowered the price target. Investors will continue to closely monitor the hydrogen specialist's performance to see if its business prospects improve.
Private bank Berenberg's decision to lower the price target for Nel ASA shows some caution regarding the company's future growth potential. This assessment could have an impact on investors' investment behavior and influence the further price development of the share.
The original study, published on April 17, 2024, provides further insights into the valuation of Nel ASA by the analyst firm Berenberg. The exact reasons for the lowering of the price target are explained in the study, which provides investors and market observers with additional information about the bank's assessment of the hydrogen specialist.