India's Waaree Energies, Premier Energies drop as Bernstein initiates with "underperform"

Waaree Energies

02/04/2025 08:19

** India's Waaree Energies WAAN.NS drops 3.4% to 2,297.25 rupees and Premier Energies PEME.NS sheds 2% to 892.85 rupees

** Bernstein starts coverage on solar module makers with "underperform", citing over supply and risk of higher competition

** Sets PT of 1,902 rupees for WAAN and 693 rupees for PEME

** Globally, demand is ~600 GW, with capacity in excess of 1,200 GW, brokerage estimates

** Adds, in this sector "good return on equity does not last beyond 2 years"

** Moreover, key competitors for WAAN and PEME, have "much bigger wallets", says Bernstein

** Avg rating of three analysts on PEME and WAAN at "hold" - data compiled by LSEG

** WAAN and PEME down 19% and 34% YTD, respectively,

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))