Citi analyst Alastair Syme downgraded Neste (NTOIY) to Sell from Neutral with a EUR 11.80 price target The firm, which tells investors “there is no particular catalyst around our thesis,” argues that Neste now trades at market value above what it thinks is replacement cost in a well-supplied biofuels market and the firm “struggles” to see value for equity above EUR 11.80 per share.
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