Analyst Constantin Hesse of Jefferies maintained a Buy rating on Nordex, retaining the price target of €25.00.
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Constantin Hesse has given his Buy rating due to a combination of factors observed at the Husum Wind exhibition in Germany. The discussions with leading OEMs and developers revealed a generally positive outlook for the European Onshore Wind market. Despite some short-term uncertainties highlighted by Germany’s Monitoring Report, the overall industry sentiment remains optimistic, with expectations of significant auction volumes in the coming years.
Hesse noted that the demand in Germany is robust, with major players like Enercon, Vestas, and Nordex reporting strong activity. Additionally, the positive momentum extends to regions like the Baltics and Poland, although the Nordics face challenges due to low energy prices. The anticipated continuation of 10GW+ auction volumes in Germany through 2028, especially after two record years, is seen as a positive development for Nordex. Furthermore, the competitive landscape appears rational, with OEMs maintaining pricing discipline, which supports a favorable environment for Nordex’s growth.