1400 GMT - Vestas shares significantly underperformed last week, Citi says. The renewable-energy company's stock was dragged by weaker earnings and fears the Inflation Reduction Act could be repealed following Donald Trump's victory in the U.S. election, the bank says. However, a full repeal of the legislation is unlikely, Citi analyst Martin Wilkie notes. The IRA provides for large government investments in clean energy as part of a broader economic investment program. "While the IRA debate probably won't be resolved for several months, we don't think a full repeal is the most likely outcome, and yet that's what's in the share price," he says. Significant growth is still expected in U.S. onshore wind, though offshore projects could be limited beyond those already permitted, Wilkie adds. Shares trade 1.3% higher at 105.85 Danish kroner. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
November 11, 2024 08:00 ET (13:00 GMT)
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