Citi Upgrades Nordex to Buy Citing Margin Growth and German Auctions

Citi upgraded Nordex SE to buy from neutral and raised its price target to €50, citing stronger-than-expected margin momentum and supportive German wind auction volumes, according to an Investing.com report.

Nordex shares closed at €40.60 on Sept. 7, giving the turbine manufacturer a market capitalization of €9.62 billion, according to Citi data. The bank's upward revision follows similar moves by other financial institutions as the wind energy sector benefits from improved pricing power and steady project pipelines.

Earnings Projections and Margin Expansion

Supporting the higher valuation, Citi raised its 2029 and 2030 EBITDA estimates by 5% and 7%, driven by activity in German onshore wind auctions. The firm also anticipates Street-wide EBITDA upgrades of 7% for 2027 and 16% for 2028.

These projections rest on the premise that turbine makers are successfully passing input cost inflation on to developers while managing supply chain bottlenecks. Higher auction volumes in Germany provide manufacturers with greater visibility into future production schedules, helping stabilize factory utilization rates and protect operating margins.

Analyst Optimism and Insider Activity

Citi's reassessment follows an upgrade from Bank of America, which shifted its rating on Nordex from neutral to buy while raising its price target from €50 to €54, as detailed in a separate Investing.com report.

Corporate insiders have also signaled confidence in the company. Nordex Chief Financial Officer Ilya Hartmann acquired shares in August 2026 at roughly €41 apiece, aligning executive interests with the operational turnaround and margin improvements noted by analysts.