Stifel reaffirms its 'buy' recommendation on Neoen, with an adjusted price target of €38 to €37, recognizing that 'some investors may be disappointed by the 8% drop in revenues in the third quarter'.

'Nevertheless, the full-year EBITDA target has been confirmed despite a small currency effect and slightly lower load factors, reflecting management's high visibility on each contract and the recurrence of non-market revenues', the broker stresses.

According to Stifel, 'the stock could benefit in the medium term from improved market sentiment regarding potential future dilution after 2025, which today appears to be a possibility rather than a given'.

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