First Berlin Equity Research Updates PSI AG Rating to "Buy" with Adjusted Price Target

First Berlin Equity Research GmbH has released an update on PSI AG (ISIN: DE000A0Z1JH9), retaining its "Buy" recommendation while lowering the target price from EUR 30.00 to EUR 28.00. Analyst Simon Scholes emphasized PSI's recovery from a challenging two-year period marked by profit warnings and a cyber attack.

PSI faced three profit warnings in 2022 and 2023 linked to unforeseen costs in Redispatch 2.0 projects. A cyber attack in February 2024 further strained the company's performance, expected to reduce 2024 sales by EUR 20m-30m. Despite this, the management anticipates no loss of clients and projects a recovery in 2025. Key strategies for the future include a shift to cloud-native software under CEO Robert Klaffus.

The company aims to achieve a double-digit EBIT margin in Energy Management within five years. More details will be revealed at the upcoming capital markets day on September 17 in Frankfurt.