Deutsche Bank cuts Fastned after rally, flags temporary demand boost
BUZZ-Deutsche Bank cuts Fastned after rally, flags temporary demand boost ** Deutsche Bank downgrades Fastned FASTN.AS to "hold" from "buy" following a nearly 60% surge this year, saying the boost from elevated charging demand may prove temporary
** Says the oil price shock is driving higher utilisation of the existing BEV fleet, boosting revenues, with the Dutch charge point operator "well positioned" to benefit from elevated demand, which began this quarter
** Raises its price target for Fastned to €33 from €30
** "We do not currently foresee accelerated investments, as the sustainability of the trend needs to be assessed before market participants commit further," it says
** DB affirms its "neutral" stance on Alfen ALFEN.AS, saying its charging hardware business is less exposed to the near-term demand surge, though energy storage sales are expected to rise
COMPANY | RATING | OLD RATING | PT | OLD PT |
Fastned | Hold | Buy | €33 | €30 |
Alfen | Hold | Hold | €13 | €10 |
(Reporting by Ronan Corcoran)
((Ronan.Corcoran@thomsonreuters.com))