JPM cuts Acciona Energia on 'challenging' 2025 capacity target

** J.P.Morgan cuts Spanish utility Acciona Energia ANE to "neutral" from "overweight", warning an "unavoidable" downgrade to 2025 estimates could hit the stock price

** It calls the outlook for 2025 "challenging", pointing to projects congestion in the Spanish solar market, solar project delivery delays in the U.S., low prices in Chile and government obstacles in Mexico

** The broker also says the depressed prices weigh on Brazil, which was meant to become another large growth area

** In this context, JPM says it struggles to "see the company delivering on its target of doubling gross capacity to 20GW by 2025 in the absence of acquisitions"

** With lower capacity additions, the broker sits 14% below Bloomberg consensus for 2025 EBITDA, and says the recovery in the share price will take longer than expected

** JPM places the stock on negative catalyst watch ahead of H1 results, following the recent approval of a "radical" change in the reference price for regulated production in Spain

** For 2023, JPM sees EBITDA of 1.24 billion euros ($1.35 billion), 17% below consensus

** Shares in Acciona Energia are down 1.9% at 0917 GMT

($1 = 0.9187 euros)