Deutsche Bank has raised its target price for Orsted after the Danish utility last week presented a new strategy that included a large downgrade of its offshore wind targets, an exit from several floating wind markets including Norway and Spain, and cost-cutting.

“Orsted last week reported its FY results, ahead of expectations, and its capital markets update. As we argued in our report, we saw the plan as supportive and broadly in line with our expectations when we upgraded the stock to ‘Buy’ in January,”Deutsche Bank analyst James Brand said in a note to investors.