Nordex Rating, Price Objective Up as BofA Sees 'Large' Further Earnings Upside

01:30 AM EDT, 09/08/2026 (MT Newswires) -- BofA Global Research upgraded its rating and price objective for Nordex (NDX1.F) after an "unjustified" sell-off, saying it sees "large" additional estimate upgrades amid the wind turbine manufacturer's improving fundamentals. "In particular, we see further German vol growth, recent US orders and a stable supply chain underpinning 3/21% upside to 2026/27 adj EBITDA consensus (we raise estimates 0/8%). Mgmt could also lift their mid-term margin guide to 11-13% (from 10-12%, 2028 cons 11.3%) next Feb, in our view. We hosted the CFO last week and felt the tone was v. confident, supporting our view," according to a Monday note. Analysts added that they expect Nordex to raise the lower end of its full-year 2026 outlook range alongside its third-quarter results, as the company is anticipated to derisk its second-half "heavy" installation pipeline. "We downgraded Nordex in April, but even so we believe its recent underperformance has been excessive. We consider the key drivers to have been: AI sell-off (despite very limited exposure), the August placing of parent Acciona's [ANA.MC] stock (technical), H2-weighted guidance, German politics (a risk, but we think key wind states less exposed at the moment). We see Power as one of the most attractive sub-sectors within Cap Goods after its recent sell-off," the note said. Against this backdrop, BofA raised the stock's rating to buy from neutral and increased its price objective to 54 euros from 50 euros.