Analysts at Deutsche Bank increased the target price for German wind turbine manufacturer Nordex after the company published its 2023 financial results last week.
Deutsche Bank is now forecasting a target price of €16 per share of Nordex stock – up 10.3% from its previously advised target price of €14.50 – believing the company's share price will reach this level within 12 months.
This level is a 40.8% increase from Nordex's last closing price (1 March) of €11.36.
Deutsche Bank also retained its recommendation to buy shares in the company, noting that Nordex expects to increase its revenue and operating profit margin this year.
Its update to investors came after Nordex last week posted a narrowed loss for 2023 and guidance pointing to an increased operating profit margin for 2024.
Analyst John Kim also noted that BloombergNEF sees Nordex continuing to grow its order book, while Deutsche Bank expects Nordex to clear most of its legacy order backlog this year.
.png)
.png)
