PNE AG's Target Price Revised Amid Project Delays

First Berlin Equity Research GmbH has updated its research on PNE AG, recommending a 'Buy'. The target price is adjusted from €10.00 to €8.30. Analyst Dr. Karsten von Blumenthal cites project delays and longer sales processes as key reasons for the adjustment. PNE AG's EBITDA forecast for 2026 is lowered to €60-75 million, down from €90-120 million. PNE will sell fewer wind farms from its own portfolio than initially planned, impacting forecasts.

The market's challenging environment led to First Berlin deciding against raising project segment forecasts for 2027, despite expected project realizations. A new sum-of-the-parts valuation considering reduced forecasts and higher interest rates justifies the revised target price. Amid recent stock price declines, First Berlin maintains its 'Buy' recommendation, highlighting a 49% upside potential.