Berenberg announced on Wednesday that it had reduced its price target for McPhy shares from 18 to 17 euros, highlighting solid results for 2022 but also visibility deemed insufficient.

In a research note, the analyst believes that the manufacturer of equipment for hydrogen production has reported "encouraging" growth in order intake in 2022.

But the intermediary also believes that McPhy will need additional funds in order to finance its growth ambitions, while stating that it would like to see more large contracts materialize in order to support the group's prospects.

Berenberg therefore maintains its 'hold' recommendation on the value.

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