Vestas Advances as Nordea Sees Rally Extending: Copenhagen Mover
Vestas Wind Systems A/S (VWS) rose the most among Copenhagen’s benchmark stocks today as Nordea Private Banking said the Danish wind turbine maker will extend a winning streak that has doubled its market value in three months.
Vestas gained as much as 1.9 percent, making it today’s biggest winner in the Nasdaq OMX Copenhagen 20 index. The stock added 1.8 percent to 102.80 kroner at 10:13 a.m. local time with trading volume at 30 percent of the three-month daily average.
Vestas shares have gained in 17 of the last 21 trading days after an inflow of new orders fueled investor optimism that the Aarhus, Denmark-based producer will return to profit. Nordea said that after Vestas’s share price exceeded 100 kroner yesterday for the first time since October 2011, the stock is poised for further gains.
“We see good chances that the current momentum will continue,” the bank, a unit of Stockholm-based Nordea Bank AB (NDA), said in a note, repeating a buy recommendation.
Vestas competitor General Electric Co. reported renewable equipment orders of $1.4 billion in the second quarter, up 55 percent compared with the same period a year ago. That may indicate strong U.S. activity after a production tax credit was renewed, according to Bloomberg Industries analyst James Evans.
Vestas is scheduled to report second-quarter earnings on Aug. 21.
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