Nordex Draws Two Fresh Price Targets — and Two Very Different Verdicts
Published on 11/09/2026 at 17:42 | Editorial boerse-global.de
Two broker notes landed on Nordex today, and they tell a story of agreement on the numbers and divergence on the conclusion. Goldman Sachs and Barclays both raised their price targets in the wake of the wind turbine maker's strong third-quarter report, yet they remain camped on opposite sides of the recommendation line: Goldman stays at Buy, Barclays holds at Equal Weight.
The split matters because of where the stock actually trades. At a current price of €42.98, Barclays' new target of €38 sits below the market value per share, while Goldman's €53.50 implies meaningful headroom. Between the two, the range of opinion stretches from a cautious valuation to an outright bullish call.
Goldman presses the buy case
Goldman Sachs lifted its target from €52.80 to €53.50 and reaffirmed its Buy rating. Analyst Ajay Patel revised his estimates following the strong third quarter of 2026, with the assessment published today resting on a study dated Friday. The upgrade in target without a change in rating reflects his bet on continued positive operating momentum — a call that gains weight only if Nordex can keep the business performing at its recent pace.
Barclays moved in the same direction but stopped short of a Buy. Analyst Vlad Sergievskii raised his target from €36 to €38 while keeping the Equal Weight stance, acknowledging that Nordex looks well positioned after the quarterly report but flagging mounting risks. His study likewise dates from Friday. The two notes share a starting point — both analysts reward the quarter with a higher target — but only Goldman ties that adjustment to a Buy.
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An Albanian first underpins the operational story
Concrete support for the more favorable reading comes from an order Nordex had already announced: delivery and construction of the Spille wind farm for VERBUND, a project that opens the Albanian market to the manufacturer. The order covers twelve turbines of the N163/6.X type with a combined 84 MW, plus a 15-year premium service agreement — pairing the turbine business with long-term maintenance revenue.
According to the company, Spille is Albania's first wind energy project, extending Nordex's geographic reach and deepening its cooperation with VERBUND. Commissioning is scheduled for spring 2028. The underlying framework agreement provides for potential deliveries of up to 700 MW across projects in six European markets.
The quarter behind the targets
The order follows the business figures Nordex published on Thursday. Third-quarter 2026 revenue came in at €2.19 billion, with EBITDA of €278.2 million — more than double the prior-year level, according to the company. Group earnings for the quarter reached €147.1 million, and the projects segment booked order intake of 2,810 MW worth €2.53 billion.
Full-year 2026 revenue guidance was left unchanged at €8.2–9.0 billion. The shares were up 1.3% today at €43.06.
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Jefferies also confirmed its Buy rating on Friday, setting a €63 target after the detailed quarterly figures were released — a mark that sits above Goldman's raised level.
For investors, the yardstick now runs through execution: Goldman's more optimistic valuation holds up if Nordex sustains its strong quarterly performance and converts the additional project pipeline into firm orders, while Barclays is already giving more weight to the risks building on the horizon.
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