Vestas Share Correction Looks Overdone -- Market Talk

Dow Jones11-11

1026 GMT - Vestas shares have overcorrected to disappointing third-quarter results and the U.S. election results, with midterm industry fundamentals still attractive, RBC Capital Markets analysts Colin Moody and Mark Fielding write. Vestas has been reducing sourcing from China as well as inserting some contract clause protection around legislative/political changes on risks surrounding U.S. tariffs from President-elect Trump, RBC says. The company has noted uncertainty around the future of U.S. Inflation Reduction Act, but RBC thinks a full repeal of the Act is unlikely given the political focus on protecting manufacturing jobs, the analysts say. "We see the risk/reward as still supportive at the current price." RBC lowers its price target to 156 Danish kroner from 222 kroner and reiterates its outperform rating. Shares trade 2.1% higher at 106.65 kroner.(dominic.chopping@wsj.com)

(END) Dow Jones Newswires

November 11, 2024 05:28 ET (10:28 GMT)

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