SB1 Markets reiterates its Buy rating for the refinery company Neste and raises its target price to EUR 37 from EUR 35. The stock is the bank’s top pick in the oil sector.
Third-quarter EBITDA exceeded consensus by 32 percent, prompting SB1 to raise its 2026 earnings forecast by 29 percent.
The bank’s earnings forecasts for 2026–2028 are 15–25 percent above consensus. The target price corresponds to a P/E ratio of 8 for 2026, compared with a historical median of 16–17. Strong refining margins and cash flows support the positive view, despite increased costs for the expansion in Rotterdam.
