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STOCKS NEWS EUROPE-Nordex shares gain on Commerzbank upgrade

Reuters - UK Focus

Shares in German wind turbine maker Nordex (Dusseldorf: NDX1.DU - news) rise 6.9 percent to the top of Frankfurt's technology index, after Commerzbank (Xetra: CBK100 - news) upgrades the stock to "buy" from "hold", traders say.

"We do not expect the German onshore wind market to contract thanks to sound growth from repowering," Commerzbank writes, adding the group should benefit from pull-forward effects from clients aiming to build wind turbines before crucial subsidies are lowered.

Nordex shares have more than tripled since the beginning of last year, massively outperforming a 53 percent gain in the TecDAX over the same period.

Reuters messaging rm://christoph.steitz.thomsonreuters.com@reuters.net