Danish offshore wind champion Orsted has ended a “horror year 2023” a little better than expected, but short-term risks remain significant, Sydbank chief analyst Jacob Pedersen said as the Danish bank resumed coverage of the stock with a ‘hold’ recommendation.

Orsted stocks were 2.74% lower at DKr380.40 ($53.38) a share at the Copenhagen stock exchange in mid-morning trading Thursday.

“The scaled-down growth plan averts a share issue, but on the other hand scraps the dividend and lowers the growth story around Orsted.