Oddo BHF maintains its 'neutral' rating on EDPR shares, with a price target lowered from 20.5 to 18.6 euros.

The analyst maintains its 2023 estimates, in line with guidance, but revises its 2024 expectations 'mainly in view of continued lower wind resources and solar commissioning in the US in H2 24'.

Oddo BHF has also adjusted its estimates for installed capacity at the end of 2024 to 18.3 GW vs. 19.5 GW previously. As a result, the broker has lowered its EPS forecast for 2024 by 29.1%.

Overall, our published net income expectation is down from 802 ME to 656 ME', the analyst stresses.

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