Nel Falls 2.5% as SEB Downgrades to Sell on Lack of Hydrogen Orders

• (PLX AI) - Nel shares fall 2.5% after SEB downgrades to sell on lack of order inflow.
• • Price target cut to NOK 10 from NOK 13
• • We are increasingly worried about the medium-term outlook, as customers seem reluctant to commit to orders, waiting for subsidies, SEB says
• • The market seems to be expecting significant profitable growth in years to come, and analysts at SEB are worried about Nel's ability to meet these expectations in the medium term
• • Price target implies 27% downside from Friday's close