JPMORGAN stuft VESTAS WIND SYSTEMS auf 'Neutral' from

JPMorgan Downgrades Vestas Wind Systems to Neutral Post Q4 Earnings

Key Takeaways

JPMorgan downgraded Vestas Wind Systems to "Neutral" from "Overweight" following the company's Q4 earnings report.
The downgrade reflects concerns about Vestas' margin outlook and order intake.
JPMorgan lowered its price target on Vestas to DKK 175 from DKK 200.

JPMorgan's Rationale for Downgrade

In a note to clients, JPMorgan analyst Lars Thygesen said that the downgrade reflects concerns about Vestas' margin outlook and order intake.

Thygesen noted that Vestas' gross margin declined in Q4 and that the company expects further margin pressure in 2023. He also pointed to Vestas' order intake, which declined in Q4. Thygesen said that this decline is likely to continue in 2023, as the wind industry faces a number of challenges, including rising costs and geopolitical uncertainty.

Vestas' Response

Vestas said that it is "disappointed" with JPMorgan's downgrade. The company said that it is "confident in its long-term prospects" and that it is "taking steps to address the challenges facing the wind industry."

Conclusion

JPMorgan's downgrade of Vestas Wind Systems is a sign of the challenges facing the wind industry. Rising costs, geopolitical uncertainty, and supply chain disruptions are all putting pressure on wind turbine manufacturers. Vestas is taking steps to address these challenges, but it is unclear if these steps will be enough to offset the headwinds facing the industry.