Nel upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Nel (NLLSF) to Hold from Underperform with an unchanged price target of NOK 3. After the fourth consecutive year of underperformance for European midcaps, Jefferies says 2025 holds more favorable conditions with the end to the rate cycle and optionality that comes with growth, cash-flows and more conductive capital markets. The firm does not expect a “hard landing” for global growth, which it says offers potential for substantial re-rating of cyclical names. Jefferies took a fresh look at investment ideas for the current market phase, and changed eight ratings.