Barclays starts Nordex at 'equal weight' on risks to margin recovery
** Barclays initiates Nordex NDXG.DE at "equal weight", saying tougher competition could hamper the German wind turbine maker's margin recovery
** It sees a sustainable margin improvement with delivery of low-margin legacy contracts until the end of 2024
** But increased competition from China and Siemens Energy's ENR1n.DE return to tendering pose a risk to Nordex's medium-term EBITDA margin target of 8%, the broker says
** It highlights positive developments in Nordex's home market Germany and cost benefits from importing China deflation, potentially lasting through 2025
** For Nordex's U.S. business, Barclays estimates 19% growth in 2025 and 16% in 2026, with potential market share gains after the restart of its Iowa plant
** However, a potential Republican election win could threaten IRA credits expected for 2025-2026, it says
** Barclays is the first brokerage to take a neutral stance on the stock, with 12 rating it "strong buy" or "buy", according to LSEG data
Reporting by Bernadette Hogg
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