Vestas share gets higher price targets

Wed. August 19, 2009; Posted: 03:50 PM

Aug 19, 2009 (M2 PRESSWIRE via COMTEX) -- COLLF | Quote | Chart | News | PowerRating -- 19 August 2009 - Collins Stewart, Cheuvreux and Jyske Bank upgraded their share price targets on Danish wind turbine maker Vestas Wind Systems A/S (CPH: VWS) after it released its interim financial statement yesterday.

Collins Stewart also raised the rating on Vestas to "hold" from "sell", while lifting the target to DKK384 from DKK368.

Cheuvreux raised the share target by DKK20 to DKK300 but reiterated the "underweight" recommendation. The broker thus sees a 20% downside in the share.

Jyske Bank confirmed its "buy" rating and increased the price target to DKK550 from DKK500. The wind turbine market is recovering and Vestas was able to maintain its full-year outlook for 2009, while the market feared a guidance cut, Jyske Bank said.

"With a large inventory built-up, the company is in a position to respond more quickly to new orders than before, and therefore we expect that additional contracts in the third and fourth quarter with delivery in 2009 will make Vestas perform up to the expectations. We expect an order boom at the end of the year into 2010 and maintain our estimate for a 10% turnover growth in 2010," Jyske Bank said.

The share in Vestas had slipped 0.93% to DKK374 by 14:41 CET on the OMX Nordic Exchange in Copenhagen.

(EUR1 = DKK7.4)

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