Bernstein upgrades Grenergy to outperform, cuts price target 12% to €110
Bernstein upgraded Spain’s Grenergy to outperform from market perform and cut its price target by 12% to €110, citing an attractive entry point and changes versus earlier in spring; LSEG data shows 11 buys, two holds and one sell among 14 analysts.
Bernstein upgraded Spain's Grenergy to "outperform" from "market perform", saying the shares offer an attractive entry point that underestimates the quality of its solar and storage assets and longer-term growth potential. 77). At current share price levels, Bernstein said the market broadly values assets in operation, the flagship Chilean platforms and projects through 2028, with little value assigned to the post-2028 pipeline. The broker said this marks a meaningful shift from earlier in spring this year, when investors were paying upfront for execution to 2030 ahead of the group's CMD on May 28.
Bernstein said the stock already reflects a pessimistic scenario, including higher bond yields and weaker-than-expected capacity growth. LSEG data showed 14 analysts cover the stock, with 11 rating it "buy", two rating it "hold" and one rating it "sell". 8816 euros)