ReNew Energy Global price target lowered to $8 from $9 at Roth MKM

Roth MKM lowered the firm’s price target on ReNew Energy Global to $8 from $9 and keeps a Buy rating on the shares. The announced it had crossed 10GW of gross renewable assets after the completion of 1.94GW in FY24, which was above the firm’s estimate of 1.79GW, the analyst tells investors in a research note. Roth MKM adds however that while it continues to see attractive growth over the long-term, it has reduced its FY25 estimates largely on a more conservative forecast for deployments and wind production.