(ADPnews) - Oct 12, 2010 - The shares in Spanish wind energy company Gamesa (MCE:GAM) topped the losers' list on the blue-chip index IBEX 35 of the Madrid Stock Exchange at Monday's close with a fall of 5.13% to EUR 4.79.
The significant drop came after the analysts with UBS, Nomura and Exane BNP Paribas revised downwards their recommendation on the firm's stock. UBS cut its rating on Gamesa to "sell" from "neutral". Nomura, in turn, downgraded the price target for Gamesa to EUR 6.90 from EUR 9.50 but kept unchanged the "buy" stance.
Last week, Gamesa presented its 2011-2013 business plan projecting to sell 4,000 MW in wind turbine generators (WTG) in 2013, reaching an over 15% year-on-year surge. However, the wind turbine maker again cut its guidance for turbine sales in 2011 to 2,800-3,100 MW from 2,700-3,300 MW previously. At the beginning of the year the company was projecting sales of 3,600 MW for 2011.