The research firm downgraded the rating to add from buy on Tuesday, with a price target of 272 kroner. EPS estimates for 2025 and 2026 were also slashed by 18.8% and 38.5%, respectively, to 18.6 kroner and 20 kroner.

“We have updated our model to include the DKK 60bn rights issue, corresponding to 45% dilution versus last Friday’s market cap of DKK 129bn. Our estimates are roughly aligned with Ørsted’s new guidance,” analysts wrote. “[Despite] a capital increase and thus a reduction in net debt, we have updated our net capex to reflect the inability to secure a partnership for Sunrise Wind, which could have provided Ørsted with approximately $1.5-2 billion according to our estimates, for a 50% stake in the 924 MW project.”