Regulatory delays remain key challenge for Nel, Berenberg cuts to 'hold'

Nel ASA

16/08/2024 09:44

** Berenberg downgrades Norwegian hydrogen company Nel
 NEL.OL  to "hold" from "buy" citing U.S. regulatory delays as a
key challenge
    ** The expectation that regulatory progress in the U.S. was
likely to boost order intake through H2 2024 is now probably
optimistic, it says
    ** Berenberg says clarity in the U.S. is unlikely before the
November presidential election
    ** A sustained increase in final investment decisions is not
expected until spring 2025, it adds
    ** However, it remains optimistic that growth in hydrogen
adoption will be delivered
     ** It says Nel is well placed when the recovery comes
thanks to its broad offering and strong track record
    ** Out of 24 analysts that cover Nel, four rate it "strong
buy" or "buy", nine "hold", and 11 "sell" or "strong sell"

 (Reporting by Marta Frąckowiak)
 ((marta.frackowiak@thomsonreuters.com))