September 8, 2026
BofA’s €54 target flags higher margins, backed by a summer of US wins.
Plenty of European stocks fell on Monday. Nordex did not. Shares in the German wind turbine manufacturer jumped 11.4% to lead the entire Stoxx 600 after Bank of America upgraded the stock to Buy. Most of what drove that move was happening thousands of miles from Hamburg.
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The American Thread
Bank of America’s bullish thesis rested on significant upside to earnings expectations, the potential for Nordex to raise its medium-term margin targets, and a recently secured 325 MW US order comprising 55 N163/5.X turbines that underscores the company’s expanding transatlantic footprint. That June contract was not a one-off.
In early August, Nordex secured three more US orders totaling more than 480 MW, covering the supply of 81 N163/5.X turbines, all to be manufactured at the company’s Iowa facility. Q2 alone brought around 800 MW of US orders. That is not a company retreating from a difficult policy environment. That is a company building a domestic manufacturing moat, turbine by turbine.
The Numbers Behind the Call
BofA analyst Alexander Jones lifted the price target from €50 to €54, a level that would represent the stock’s highest point since 2002. The upgrade cited solid US order flow, a stabilized supply chain, and scope for management to lift mid-term EBITDA margin targets above current 10–12% guidance.
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In 2025, Nordex posted revenue of about €7.75 billion, up roughly 10.8% year on year, while net income rose to about €274 million. Q2 2026 sales reached around €2.2 billion, up 16.3% versus the prior-year quarter. Full-year 2025 delivered strong margin expansion and robust order intake, and the company has pointed to further growth in 2026.
Bank of America is not alone. Citi separately moved Nordex to Buy with a €50 price target, reinforcing a consensus that now tilts decisively toward optimism.
Why the Margin Story Matters
Order volume grabs headlines. Margins are where the real re-rating happens. Nordex’s Iowa facility gives it something most European turbine makers cannot claim: cost-competitive, locally manufactured product in the world’s largest economy. Pricing has held. The average sales price was stable at €0.97 million per MW in Q2, unchanged year on year, while the first-half figure rose to €0.95 million per MW from €0.92 million in the same period of 2025. Stable pricing plus rising volume is the arithmetic that gets margin targets revised upward.
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Risks Worth Watching
The subsidy environment in the US remains unsettled. In late 2025, the Trump administration moved to pause or curb parts of offshore wind leasing on national security grounds, contributing to a chill in some developer timelines. That policy risk has not vanished; it has simply been outpaced by private-sector demand, at least for now. Execution risk also climbs with scale: converting 4.9 GW of first-half order intake into profitable installations requires sustained supply chain discipline.
Part of Bank of America’s anticipated earnings improvement may already be priced in after Monday’s move, while some of the upside implied by the €54 target could still depend on Nordex delivering margin gains and stable execution in its project pipeline.
Final Thought
The conventional story about European wind in 2026 has been policy uncertainty and margin pressure. Nordex is writing a different one. The company booked 3.1 GW of new orders in Q2 alone, bringing first-half intake to 4.9 GW, led by Germany, the US and Türkiye. A German turbine maker with an Iowa factory and an accelerating American order book is not a typical European industrial. That distinction may be precisely what BofA is paying €54 for. Worth watching closely when the Q3 update lands on October 30.
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