Orsted: Legal Wins Boost U.S. Offshore Wind Sentiment but Regulatory Overhang Warrants Hold

Morgan Stanley analyst Robert Pulleyn maintained a Hold rating on Orsted today and set a price target of DKK145.00.

Robert Pulleyn has given his Hold rating due to a combination of factors linked to both positive developments and remaining uncertainties around Orsted’s US offshore wind projects. He notes that the recent US federal court decision to allow construction at the Revolution Wind project to resume should support near‑term sentiment and likely prompt a favorable share price reaction. This ruling also improves the perceived prospects for Orsted’s Sunrise Wind project, which faces a similar legal process before the same judge, and provides a constructive signal for peers such as Iberdrola and Equinor.

However, Pulleyn emphasizes that the legal relief is only preliminary and takes place against a backdrop of past regulatory interventions in the US, meaning the situation is far from definitively resolved. While he assigns material underlying value to Revolution and Sunrise on a per‑share basis, he observes that the market is effectively assigning no value to these assets at present, highlighting a disconnect between potential upside and investor confidence. The Hold rating therefore reflects a balanced view: near‑term legal progress and project milestones are encouraging, but the lingering policy and regulatory risks justify a more cautious stance rather than a clear Buy recommendation.

In another report released today, Jefferies also maintained a Hold rating on the stock with a DKK130.00 price target.

Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of DOGEF in relation to earlier this year.