Orsted downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Alberto Gandolfi downgraded Orsted to Neutral from Buy with a price target of DKK 735, down from DKK 830. The analyst believes recent developments in the credit markets highlight the "lengthy period" between Orsted securing of the top line at the auction and the point at which the cost of funding is secured. As such, he sees lower value creation from the company’s backlog.