RBC slashes target on ITM Power, says capacity expansion and commercial credibility key

Analysts at RBC slashed their target price for shares of ITM Power, the energy storage and clean fuel company, from 500.0p to 260.0p.

In particular, they pointed to their new delivery assumptions to back up the move.

They also noted that following the recently appointment of Dennis Schulz as chief executive officer "near and longer-term capacity expansion plans and commercial credibility are top agenda items for the executive."

Nonetheless, given the recent "significant" de-rating in the shares relative to peers, together with the potential for a pick up in orders in 2023, they chose to stick to their 'outperform' recommendation for the same.

Schulz was scheduled to address markets on 31 January.