First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 26.00 price target.

According to preliminary figures PNE will exceed previous 2022 EBITDA guidance of €20m – €30m. Management now expects 2022 EBITDA between €34m and €36m. All three segments (Project Development, Power Generation, and Services) contributed to the better than expected result. Following the guidance increase, we have raised our 2022 EBITDA forecast from €33.0m to €35.0m. We confirm our €26 price target and the Buy rating.