JPMorgan, Citi say Metlen growth drivers on track after trading update

JPMorgan and Citi have declared that Metlen Energy & Metals' (LON: MTLN) key growth drivers are still on track following the company's nine-month trading update. Metlen disclosed record revenue of €6.2 billion, a 21% increase, and reiterated its 2026 EBITDA forecast of €1.00 billion to €1.15 billion, alongside a medium-term EBITDA target range of €1.92 billion to €2.08 billion.

Despite a 44-day outage at its primary gas-fired power plant, the bank deemed the third quarter to be relatively strong, estimating that the nine-month figures are in line with expectations. JPMorgan has rated the stock as Overweight with a €64 price target, while Citi has called the nine-month performance strong and sees potential for further acceleration in the fourth quarter, especially if renewable energy sales progress.

However, both banks acknowledged that the stronger revenue performance may have been somewhat dampened by the plant outage. Citi maintains a Buy rating with a €52 price target, expressing confidence that Metlen's key growth drivers in alumina, gallium, aluminum, and circular metals remain unaffected.