JPMorgan analyst Javier Garrido downgraded Fortum (FOJCY) to Underweight from Neutral with a EUR 15 price target The stock is trading at premium multiples on the back of very generous long-term expectations, the analyst tells investors in a research note. While JPMorgan expects power demand growth and data center deployment in the Nordics, it also sees the market as over-optimistic on tightening of supply/demand in an oversupplied market, the firm added.
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Read More on FOJCY:
- Fortum initiated with a Sector Perform at RBC Capital
- Fortum price target raised to EUR 15 from EUR 12.80 at Deutsche Bank
- Fortum price target raised to EUR 17 from EUR 13 at Citi
- Fortum downgraded to Underweight from Equal Weight at Morgan Stanley
- Fortum upgraded to Neutral from Underperform at BNP Paribas Exane