Nordex seen down after Kepler Cheuvreux cuts to 'hold'

Nordex SE

14/01/2026 07:48

** Shares of German wind turbine manufacturer Nordex NDXG.DE are seen down 2.45% in pre-market indications after Kepler Cheuvreux cut to "hold" from "buy", citing limited upside to the current share price

** "2025 was a year of strong positive earnings momentum, consensus is now above the company's mid-term goals, which will soon be revised," the broker says

** Kepler Cheuvreux says it acknowledges record order intakes, low warranty claims and improving returns in the service business

** "Strength of the balance sheet opens the door to a first-time dividend payment," it adds

** However, the broker sees the current share price valuation as fair, even after factoring in the announced orders

** Kepler Cheuvreux also cites outstanding execution risks in Turkey linked to blade production and installation

** Nordex shares are up 12.6% year-to-date

 (Reporting by Simon Ferdinand Eibach)

 ((Simonferdinand.eibach@thomsonreuters.com))