- (PLX AI) - Scatec shares were up 4% in early trading after Nordea reiterated a buy rating on the stock, saying the recent decline in the share was overdone.
- • Scatec shares fell 15% after the company said it wouldn't reach its 2021 growth target as a South Africa project of 540 MW is delayed and projects in Brazil and Ukraine of 166 MW were dropped
- • The guidance miss should have been expected, Nordea said, and the current valuation would mean only limited growth in Scatec's portfolio
- • There is no quick fix, and next year brings increased competition and higher costs, but the share price is attractive when looking beyond the near-term bottlenecks, Nordea said
- • Nordea's new price target for Scatec of NOK 200 (down from NOK 340) implies 33% upside
- • NOTE: SEB on Friday also said Scatec's share drop was a buying opportunity
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