Citi downgraded Orsted (DNNGY) to Sell from Neutral with a price target of DKK 211, down from DKK 300. The firm is concerned about Orsted’s balance sheet, saying the company is selling operating cash flows to fund U.S. projects and “cancelling value-creating projects” such as Hornsea 4. The uncertain outlook on the U.S. warrants a higher risk premium, the analyst tells investors in a research note.
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