ITM Power Adjusting Estimates and Price Target

Goldman Sachs has raised its price target for ITM Power to 63p following substantial UK government funding and a new defence partnership with Rheinmetall, but maintains a Sell rating due to valuation concerns.

Key Takeaways

• 1.ITM Power secured £86.5m in UK government backing to build a 1GW automated manufacturing line for its Chronos electrolyser technology.
• 2.A transformational partnership with Rheinmetall for the Giga PtX programme opens a repeatable demand pipeline in the European defence sector.
• 3.Goldman Sachs maintains a Sell rating despite raising the 12-month price target to 63p from 55p.

Table of Contents

• Valuation and risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures