Neoen: Stifel still a buyer, trims target price

(CercleFinance.com) - Stifel confirms its "buy" rating on Neoen shares, trimming its target price for them from E38 to E37, acknowledging that "Some investors could be disappointed by the 8% drop in revenues in Q3-23".


"However, FY-23 EBITDA guidance was confirmed, despite a small FX impact and slightly lower load factors, reflecting management's high visibility on each contract and the recurrence of non-merchant revenues", the broker points out.

In Stifel's view, "shares could benefit in the medium term from an improved market sentiment regarding potential future dilution post 2025, which today seems to be a possibility rather than a given".


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