Morgan Stanley downgraded Fortum (FOJCY) to Equal Weight from Overweight with an unchanged price target of EUR 15.60. The firm cites valuation for the downgrade following the stock’s 8% sector outperformance year-to-date. A further re-rating from here requires firm evidence of Finnish power demand growth, and there is not a clear timeline for this, the analyst tells investors in a research note.
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Read More on FOJCY:
- Fortum price target raised to EUR 14.30 from EUR 14.20 at Citi
- Fortum price target lowered to EUR 15.60 from EUR 15.80 at Morgan Stanley
- Fortum price target lowered to EUR 12.20 from EUR 12.40 at UBS
- Fortum Oyj Earnings Call: Positive Sentiment Amid Challenges
- Fortum Oyj Reports 2024 Financial Performance and Strategic Outlook
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