Nel downgraded to Underperform from Outperform at Bernstein

Bernstein double downgraded Nel to Underperform from Outperform with a price target of NOK 9, down from NOK 17. Order intake momentum has visibly slowed down for Nel in recent quarters, the analyst tells investors in a research note. The firm says the lack of successful conversion of pipeline projects to orders leads to concerns over the company’s future growth trajectory.