Orsted downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Orsted (DNNGY) to Equal Weight from Overweight with a price target of DKK 350, down from DKK 475. The firm cites its growing concerns around the company’s ability to achieve its EBITDA growth goals for the downgrade. The prior Overweight rating was premised on the belief that Orsted’s first mover and economies of scale-related advantages would result in a sustainable competitive advantage in offshore wind, but this has not played out, the analyst tells investors in a research note.