Green Energy stock: Waaree Energies share price target reduced

Waaree Energies recently released its third-quarter results. The stock has experienced a significant decline on Monday, February 3, trading over 4% lower at 2,301.90 by 10 am.

On Saturday, February 1, Waaree Energies shares closed with a 0.32% gain at Rs 2401.35, trading around Rs 2,302 on Monday, February 3.

Following the December quarter results, brokerage firm Kotak Securities has given a 'Reduce' rating to Waaree Energies' stock, indicating a potential price decrease.

According to Kotak Securities' report, the company exceeded profit expectations this quarter. 

Kotak Securities recommends reducing holdings in Waaree Energies. A price movement between -5% and +5% is anticipated over the next 12 months.

Kotak Securities has given a positive outlook for the company's future, particularly once concerns regarding US operations are addressed.

Kotak Securities advises caution in the renewable energy sector. Despite the sector's positive outlook, potential risks exist.

Waaree Energies' 52-week high is Rs 3,743, and its 52-week low is Rs 2,026.

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