At least five financial firms have lowered their price targets for Vestas after Thursday's third quarterly report. Most severely, SEB has lowered its target by more than a third from DKK 705 (EUR 94.75) to DKK 450. JP Morgan, meanwhile, has slashed a quarter of its previous rating, which is now reduced to DKK 510 per share. Handelsbanken is doing the same from DKK 655 to DKK 480, while Kepler is lowering its estimate from DKK 675 to DKK 566 and Nordea from DKK 650 to DKK 610.
The wind turbine manufacturer's third quarterly report revealed close-to EUR 2.7 billion in revenue, 5.5 percent lower than the same period the year prior, while the net result was EUR 253 million, 18 percent less year-on-year. For the first nine months of the year, Vestas declined by 1.3 percent compared with last year's revenue and 3.7 percent on result.
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