TAQA Morocco: BKGR cuts target price to 2,816 DH but keeps buy rating

BMCE Capital Global Research (BKGR) lowered its price target on TAQA Morocco to 2,816 DH from 2,977 DH, citing a more cautious outlook on new project timelines. Despite the downgrade, the broker keeps a buy recommendation, pointing to a potential upside of 63.7% from the current share price. In H1 2026, TAQA Morocco saw consolidated revenue dip 5.4% to 5.1 bn DH, while EBITDA rose modestly by 0.7% to 1.66 bn DH. Net profit increased 5.8% to 462 m DH, and net debt fell 13% to 4.62 bn DH. BKGR forecasts FY2026 revenue of 11.1 bn DH and net profit of 992 m DH, highlighting that longer‑term diversification projects in renewables, gas, desalination and water/electricity infrastructure will drive future growth.

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