1317 GMT - Vestas shares have fallen sharply following a weak set of third-quarter results and the outcome of the U.S. election, Berenberg analysts Henry Tarr and James Carmichael write. The bank has doubts about the extent of the renewable energy company's margin recovery, due to its current level of costs, as well as the sustainability of the margin in its service business. "Also, a Trump presidency will likely reduce Vestas' offshore market potential over the medium term." Trump earlier this year pledged to halt all offshore wind projects. Berenberg downgrades Vestas to hold from buy, reflecting the near-term headwinds and uncertainty. It also lowers its earnings expectations materially and cuts its price target to 120 Danish kroner from 180 kroner. Shares trade 0.4% lower at 99.22 kroner. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
November 14, 2024 08:18 ET (13:18 GMT)
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