ReNew Energy Global price target lowered to $8 from $9 at Roth MKM

Roth MKM lowered the firm’s price target on ReNew Energy Global to $8 from $9 and keeps a Buy rating on the shares. ReNew Energy delivered a Q1 miss, but reiterated FY25 guidance, the analyst tells investors in a research note. Roth MKM believes shares are attractive following the post-Q1 pullback as ReNew continues to make progress in securing PPAs for the 8GW capacity won at auction in FY24.