Morgan Stanley downgraded Neste (NTOIY) to Equal Weight from Overweight with a price target of EUR 18, down from EUR 23.20. Q3 results “once again” highlighted higher than expected weakness in macro factors and lower than expected SAF demand uplift, says the analyst, who acknowledges “our call on Neste has not worked,” due to the worse underlying macro environment, lower voluntary SAF demand and premiums, and longer than anticipated operational and strategic uncertainty.
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