RBC announced on Friday that it had downgraded its opinion on McPhy Energy shares from 'outperform' to 'perform in line with the sector', with a price target lowered from 16 to four euros.

After a fiscal year 2023 marked by 'disappointing' business activity, the Canadian broker explains that it is more cautious about the outlook for the French specialist in hydrogen production and distribution equipment.

While it acknowledges that the 'gigafactory' project will elevate the Group to a position among the sector's leading players, RBC considers that McPhy is lagging behind its competitors in terms of contract signatures.

In terms of cash flow, the broker also fears that the company will soon have to call on the market in view of its current rate of cash consumption, despite the recent sale of its recharging stations and the obtaining of a new financing line.

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