Stifel is reiterating its 'buy' recommendation on Neoen, while raising its target price from €36 to €38, the day after the company announced a major new battery storage contract in Australia for 219 MW.

"With now nearly 1.4 GW of battery storage capacity in operation or under construction worldwide, Neoen confirms its leadership position in the technology", the broker points out in the summary of its note.

Adding that the renewable energies group has accordingly raised its EBITDA target for 2025 to 'over 700 million euros, including farm downs', Stifel raises its own estimate from 695 to 745 million euros.

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