- Ceres Power Holdings
- 04 June 2026 14:00:47
Source: Sharecast
"To be crystal clear, we still believe in Ceres technology," the broker said. "However, as the shares are now up 8x in just 12 months and 244% year-to-date - we also believe this share price now ignores execution risks.
"These include: 1) Ceres relies on partners to scale manufacturing, limiting control over the pace of commercial rollout; 2) Early SOFC (solid oxide fuel cell) production remains operationally challenging, with yields and costs taking time to stabilise; and 3) Conventional power technologies may catch up before Ceres’ ecosystem scales sufficiently.
"As a result, we move from buy to sell with a target price of 590p (from 475p)."
Panmure said that more partner progress and/or a rebasing of the share price would make it bullish again.
At 1400 BST, the shares were down 13% at 683p.