Stifel raises its recommendation on Neoen from 'hold' to 'buy', with a target price raised from 36 to 42 euros, judging that 'first-rate execution prevails, despite a complex environment'.

'Despite cost inflation, the forthcoming capital increase for 'up to 600 million euros' should be sufficient to achieve the target, set at the investor day, of 10 GW in operation or under construction by the end of 2025', the broker estimates.

As of January 11, at least 7 GW should be in operation or under construction by the end of 2023', continues Stifel, calculating that the 3 GW gap 'implies a conversion of 25% of the advanced pipeline to the construction phase in the next three years'.

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