JP Morgan has upgraded Vestas to ‘neutral’ from ‘underweight’ and raised its target price for the Danish wind group to DKr161 ($23.58) per share from DKr140 on an improved growth outlook onshore, a more realistic consensus regarding profit margin expectations and a “better understood” risk in its offshore business.

The upgrade in a note to investors by analyst Akash Gupta and colleagues followed up on Vestas earlier this month announcing a return to a net profit during the third quarter of 2023 with the OEM saying it is ‘on track to become profitable’ also during the full year on the back of rising sales prices for its wind turbines and soaring orders.