1209 GMT - Vestas has limited ability to surprise positively in 2025, Deutsche Bank analyst John Kim writes. First-quarter order intake is flattered by strong offshore results, while onshore orders seem to have missed due to weakness in the Americas, he says. Deutsche Bank expects the first quarter to miss on profitability. Orders should be driven by offshore, which is positive for average selling prices but margin dilutive due to offshore profitability levels. "We don't think the share can meaningfully appreciate until we find a floor on onshore orders and Vestas makes demonstrable progress on offshore execution and profitability." It downgrades Vestas to hold from buy and lowers its target price to 110 Danish kroner from 150 kroner. Shares fall 5.8% to 83.56 kroner. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 09, 2025 08:09 ET (12:09 GMT)
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