Nel downgraded to Hold from Buy at Berenberg

Berenberg downgraded Nel to Hold from Buy with a price target of NOK 7, down from NOK 8. The conversion of its 1GW capacity reservation agreement in Mississippi is most likely going to be linked to progress on the 45V credit, and the slow U.S. progress means more limited near-term catalysts for the electrolyzer manufacturers, the analyst tells investors in a research note.