First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 10.00 to EUR 8.30.

Abstract
PNE has lowered 2026 EBITDA guidance to €60m – €75m (previously: €90m to €120m). The main reason is the postponement of projects into the coming year, as project sale processes are taking longer than originally expected and some permitting procedures have been delayed. Furthermore, PNE decided to sell a lower number of wind farms from its own plant portfolio than originally planned. We have lowered our 2026E forecasts accordingly. The deteriorating market environment causes us to leave our 2027E Project segment forecasts unchanged despite the expected realisation of the postponed projects in 2027E. An updated sum-of-the-parts valuation, which takes into account our reduced forecasts and the higher interest rate level, yields a new price target of €8.30 (previously: €10.00). Following the recent sharp decline in PNE’s share price we keep our Buy rating (upside: 49%).