Berenberg Upgrades Neste to Buy on Improving Demand Outlook

06:37 AM EST, 12/15/2025 (MT Newswires) -- Berenberg upgraded its investment view on Neste (NESTE.HE) on Monday, expecting rising demand to drive renewable sales volumes growth and total sales margin recovery of the Finnish oil refiner and biofuels producer. The rating was increased to buy from hold and the price target was raised to 26 euros from 16.5 euros. "We previously expected an oversupply in renewable fuels to weigh on the company's margins through 2025/2026, while noting the significant longer-term upside to the stock," analysts wrote. "A recovery has happened faster than we expected - helped by a better demand outlook and a stronger operational performance - and, while the near-term trajectory for margins could still be bumpy, we move to reflect the longer-term recovery and fundamental upside in our price target." The research firm raised its EBITDA estimates for Neste by 24% to 28% for 2025 to 2027, citing higher sales volumes and the expectation for improved renewable products sales margin.