Since mid-February, the Nel ASA share has been struggling with sustained pressure from above and has lost around 40 percent of its value in recent months. An end to this rather unpleasant development is not yet really in sight.
Perhaps current messages bring however again some hope back to the investors. The investment bank Barclays recently took a close look at the stock and drew a positive conclusion. The rating of “Overweight” was not changed and the price target of 3.77 euros remains at a very ambitious level.
That would be tantamount to a share price explosion
If the Nel ASA share were to reach Barclays’ target price, it would be tantamount to a doubling of the share price. In addition, the paper would swell in such a case times evenly on a new all-time high, which could provide for itself already for fresh buy signals. The analysts’ assessments can therefore be regarded as optimistic.
As always, however, it should be noted that even seasoned analysts with years of experience are not infallible. Nevertheless, many stock market players listen to what the experts have to say, and so a positive effect on the share price of the Norwegian hydrogen group can be expected, at least in the short term.
Progress with the Nel ASA share?
The assessment of Barclays may have played a role in yesterday’s performance of the Nel ASA share. This put on Wednesday price gains of no less than 1.67 percent on the floor, which could lift the price to 1.85 euros. Green omens are always gladly seen, of the final break-through can be however still no speech.
The foundation for such a breakthrough has now been laid, but the starting position for the bulls remains challenging. The hydrogen sector has recently fallen significantly out of favor with most investors, and this is also standing in the way of the Nel ASA share.