Nikhil Nigania, an analyst from Bernstein, maintained the Buy rating on ReNew Energy Global. The associated price target is $8.00.
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Nikhil Nigania’s rating is based on the resilience and potential of ReNew Energy Global despite recent setbacks. The withdrawal of Masdar from a consortium intended to take the company private was unexpected, but it does not alter the fundamental strength of ReNew. The company remains a significant player in solar cell manufacturing and has demonstrated the ability to leverage its assets effectively.
Looking ahead, ReNew has two viable paths: continuing its current operations with potential listing opportunities in India or pursuing a take-private strategy with other investors. The company’s recent fundraising efforts and strong cash position provide confidence in its financial stability. Nigania believes that, despite the challenges, ReNew’s strategic positioning and market opportunities justify a Buy rating.
RNW’s price has also changed moderately for the past six months – from $7.060 to $5.190, which is a -26.49% drop .