On Wednesday, Berenberg renewed its 'hold' recommendation on McPhy, but lowered its price target on the stock from €17 to €9.

In view of the current pace of order intake in the sector and the sluggish economic climate, the analyst says he is taking a more cautious approach to the long-term utilization rates of the Belfort 'gigafactory' and its hydrogen distribution stations.

More generally, the intermediary adds that he is maintaining a "hold" rating on the share in the absence of a real take-off in contracts to support both order books and sales.

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