BUZZ — GS cuts Orsted to 'neutral' on rising sovereign rates

* Goldman Sachs downgrades Danish offshore wind developer Orsted to "neutral" from "buy", citing rising sovereign rates and the firm's capital-intensive nature * The brokerage expects Q3 results to be somewhat underwhelming compared to the rest of the sector, which could lead to negative consensus earnings revisions * The broker cuts PT by 16% to DKK 155, which still implies an upside but falls below the sector average and is no longer sufficient to support a "buy" rating * It notes sovereign rates across Europe and the US have risen significantly, adding that "Orsted features among the most capital-intensive companies in the industry" * GS previously upgraded the stock in April following a perceived shift in the US administration's stance towards offshore wind and higher completion probability * Out of 28 analysts that cover the stock, 14 rate it "strong buy" or "buy" and 14 "hold" — LSEG data (Reporting by Marta Frackowiak) ((mailto:marta.frackowiak@thomsonreuters.com)