(CercleFinance.com) – Oddo BHF lowers its recommendation on Siemens Gamesa from ‘outperformance’ to ‘neutral’ with a price target reduced from 28 to 23 euros, the day after a new profit warning issued by the wind turbine manufacturer for 2022.
The design office is revising its forecasts significantly downwards and now expects for 2022 a decline in organic sales of -0.2% and an adjusted EBIT margin before specific items of 3.1% (i.e. 884 million euros restated operating income).
‘Performance (+4.5% over six months) has not lived up to expectations and repeated warnings will not help restore investor confidence’, said the analyst, adding that ‘disappointments additional are not excluded’.
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