Vestas Guidance Looks Conservative

Dow Jones09-02

1221 GMT - Vestas is well positioned into the second half, with the new guidance looking conservative against the usual seasonality and assuming continued strong execution, Jefferies analysts write. "While uncertainty remains short term, we expect regulatory updates to eventually support the business in the U.S. and Germany." Offshore energy then adds significant margin potential, with the growth outlook backed by large EU auctions coming shortly, it adds. The bank raises its adjusted EBIT estimates, driven by increased deliveries and 100-150 basis points of higher margins in the power solutions business, offsetting slight cuts to service revenue. The bank raises its price target on the stock to 255 Danish kroner from 215 kroner and keeps its buy rating. Shares fall 0.9% to 206.40 kroner.

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