Fortum downgraded to Sell from Neutral at Citi

Citi analyst Piotr Dzieciolowski downgraded Fortum (FOJCY) to Sell from Neutral with a price target of EUR 13, down from EUR 14.30. The stock’s 24% rally year-to-date is “disconnected from fundamentals” as Nordic power prices remain below EUR 40/MWh while Finnish yields have moved above 3%, the analyst tells investors in a research note. Citi sees downside risk to Fortum’s 2025 consensus estimates on lower volumes and r realized power prices.