Dec 16, 2011 - ING has started covering the stock of Portuguese green power firm EDP Renovaveis (ELI:EDPR) with a EUR 3.30 price target and a "sell" recommendation.
This evaluation is 25.8% below the company's current trading price on the bourse in Lisbon. At 1512 local time today, the firm was gaining 0.81% to EUR 4.496.
EDP Renovaveis' operating and maintenance costs have been sharply undervalued by the market, ING warned. The bank forecast that the company's construction capacity will slow down in 2012.
On the positive side, the ongoing privatisation of 21.35% in parent group EDP (ELI:EDP) may give EDP Renovaveis' share some power but this effect will be small.
(EUR 1 = USD 1.304)
Choose your newsletter by Renewables Now. Join for free!
You have run out of free articles this month. Get more for free
Study finds 70 GW of ocean energy potential in GB, Ireland, Portugal
Poland's Nomad Electric enters Portugal with 70-MWp solar job
Eurowind starts power production at 22-MWp solar park in Portugal
EDPR's renewable power output rises 10% in 2022
Franco-Iberian H2 pipeline to be extended to Germany
EDPR plugs in 8.4-MW solar park in Portugal