Goldman Sachs analyst Michele Della Vigna downgraded Nel (NLLSF) to Neutral from Buy with a price target of NOK 3, down from NOK 6. The firm says the hydrogen market slowdown leaves Nel mostly without a backlog after 2025. Moreover, it believes that, within the next two years, the company may reach a net-debt position and additional funding may be needed to support growth and operational stability.
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