Oddo BHF maintains its 'neutral' rating on EDPR shares, with a price target lowered from 20.5 to 18.6 euros.
The analyst maintains its 2023 estimates, in line with guidance, but revises its 2024 expectations 'mainly in view of continued lower wind resources and solar commissioning in the US in H2 24'.
Oddo BHF has also adjusted its estimates for installed capacity at the end of 2024 to 18.3 GW vs. 19.5 GW previously. As a result, the broker has lowered its EPS forecast for 2024 by 29.1%.
Overall, our published net income expectation is down from 802 ME to 656 ME', the analyst stresses.
Copyright (c) 2024 CercleFinance.com. All rights reserved. The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
EDP Renováveis, S.A. (Euronext: EDPR) is the fourth largest renewable energy producer worldwide with presence in 28 markets across Europe, North America, South America and Asia/Pacific.
Based in Madrid and with main regional offices in Houston, São Paulo and Singapore, EDP Renováveis, S.A. has a robust development portfolio with first class assets and a market-leading operational capability in renewables. These include wind onshore, utility scale & distributed solar, wind offshore (through its 50/50 JV - OW) and technologies complementary to renewables such as batteries and green hydrogen.
EDPR's employee-centered policies resulted in its recognition as a Top Workplace 2023 in the United States, Top Employer 2023 in Europe (Spain, Italy, France, Romania, Greece, Portugal and Poland) Colombia and Brazil, as well as its inclusion in the Bloomberg Gender-Equality Index.
EDPR is a division of EDP (Euronext: EDP), a leader in the energy transition with a focus on decarbonization.