Vestas Shares Look Attractive

Dow Jones10-01

1017 GMT - Vestas Wind Systems' near-term demand fundamentals seem in good shape, and shares look attractive at current levels, JPMorgan analysts write. The company reported third-quarter large orders of 2.75 gigawatts, a decline of 31% on year. The weakness is at odds with the fundamentals and underlying market demand, in the bank's view. This could be explained by either Vestas deciding not to announce a few large U.S. orders, or some bookings moving to the fourth quarter amid continuing uncertainty on tariffs. The positive in orders: Australia coming back with around 1 gigawatt of orders announced on the final day of the quarter, it adds. The bank rates Vestas at overweight with a 295 Danish kroner price target. Shares fall 2.2% to 191.80 kroner.

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