Berenberg stays at 'buy' on Ceres Power, trims target

Analysts at Berenberg stood by their 'buy' recommendation for shares of Ceres Power following the company's first half results.

Those, they said, confirmed that the fuel cell and electrolyser manufacturer's progress over that time period, while cash burn had been as guided to.

Nevertheless, as the company had cautioned, the fact that the signing of its two joint ventures in China was now expected to occur later in 2023, then the associated revenues were only likely to be recognised in 2024.

Hence, Berenberg's move to trim its target price from 1,155.0 to 1,140.0p.

"The update on timing of the JVs is likely to frustrate the market, in our view, but we are encouraged that [Bosch and Weichai] remain committed to getting it over the line before year-end.

"We reiterate our Buy rating with Ceres continuing to offer a genuinely differentiated product, business model and portfolio of blue-chip partners."