VWDRY - Vestas Wind soars after Credit Suisse longtime bear turns bulllish

Vestas Wind Systems (VWDRY +7.8%) flies high after Credit Suisse double-upgraded shares to Outperform on Tuesday after six-and-a-half years with an Underperform rating, saying Europe's energy crisis has raised confidence in the impetus behind increased wind installations. European wind installations should accelerate from 2024, driven by diversification away from fossil fuels, especially natural gas from Russia, Credit Suisse's Mark Freshney said. The analyst also said 2022 should mark the end of cost and margin pressures for Vestas, with supply chain bottlenecks bottoming in Q3 as volumes come down and port congestion reduces. Separately, Vestas said Tuesday that it has introduced a new wind turbine that offers enhanced performance in low-to medium-wind conditions. Based on its EnVentus turbine platform, Vestas said its new V172-7.2 megawatt turbine delivers a 12% increase in annual energy production compared to its V162-6.2 megawatt variant in low-wind conditions. Vestas cut its dividend payout by 78% earlier

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Vestas Wind soars after Credit Suisse longtime bear turns bulllish