Bernstein ups Grenergy to 'outperform', shares underestimate long-term growth
BUZZ-Bernstein ups Grenergy to 'outperform', shares underestimate long-term growth ** Bernstein upgrades Spain's Grenergy GREG.MC to "outperform" from "market perform", seeing an attractive entry point that underestimates the quality of its solar and storage assets and longer-term growth potential
** However, it cuts its PT by 12% to €110 ($124.77)
** At current share price levels, the market broadly values assets in operation, the flagship Chilean platforms and projects through 2028, with little value to the post-2028 pipeline, the broker says
** Bernstein sees a meaningful change from earlier in spring this year, when investors were paying upfront for execution to 2030 ahead of the group's CMD on May 28
** The broker says the stock already reflects a pessimistic scenario, including higher bond yields and weaker-than-expected capacity growth
** Out of 14 analysts that cover the stock, 11 rate it "buy," two maintain a "hold" recommendation and one rates it "sell" - LSEG data
($1 = 0.8816 euros)
(Reporting by Gemma Guasch)