Nel downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Nel to Equal Weight from Overweight with a price target of NOK 8.10, down from NOK 25. The analyst continues to see hydrogen as a key part of decarbonizing “hard-to-abate sectors.” However, the scale-up takes time, and the listed electrolyzer companies “are not necessarily the best exposed,” the analyst tells investors in a research note.