Nel downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Erwan Kerouredan downgraded Nel (NLLSF) to Sector Perform from Outperform with a price target of NOK 4, down from NOK 12. The firm expects sentiment and commercial activity to remain subdued at least in the first few months. Despite headwinds and growing liquidity difficulties affecting manufacturers, RBC still sees a strong case for green hydrogen to decarbonize refining and chemicals and believes some names exhibit stronger risk/reward profiles than others.