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In the first two months of the year Vestas' share prices ranged between DKK 180 and DKK 220, while NEG Micon's hovered around DKK 200 in January and February. In March the share prices of both companies steadily rose. Meantime, this is what the analysts said:

January 2: UBS Warburg downgrades its target price for Vestas shares from DKK 500 to 210 and for NEG Micon from DKK 550 to DKK 250

January 8: Carnegie downgrades its "strong buy" recommendation for Vestas to "buy" and Deutsche Bank downgrades from "buy" to "hold"

January 13: Salomon Smith Barney downgrades its target price for Vestas from DKK 260 to DKK 220 and for NEG Micon from DKK 225 to DKK 175

January 22: Denmark's Jysk Bank retains its "buy" advice for Vestas and target price of DKK 260

January 27: Danish banks Sparbank Nord and Jyske Bank repeat their "buy" recommendations for Vestas

February 3: Jyske Bank downgrades from DKK 260 to DKK 245 for Vestas, but maintains "buy" recommendation

February 5: Merrill Lynch downgrades recommendation for both Vestas and NEG Micon from "strong buy" to "buy"

February 16: Dresdner Kleinwort Wasserstein upgrades its Vestas recommendation from "hold" to "buy"

February 25: Jyske Bank downgrades its target for Vestas to DKK 225 and drops its "buy" recommendation in favour of "hold"

February 27: HSBC in London sets a target price of DKK 150 for Vestas and repeats its "sell" recommendation from January 25

March 10: UBS Warburg downgrades NEG Micon from DKK 250 to DKK 220.

In the real world, the share price for Vestas steadily rose to DKK 270.5 for a DKK 1 share and to DKK 285 for NEG Micon for a DKK 10 share on March 25.