Citi cuts Acciona to 'sell' citing a 'perfect pricing paradox'
** Citigroup downgrades Spanish group Acciona 
ANA to "sell" from "neutral", flagging what it calls a "perfect pricing paradox" as the market has priced in future growth too rapidly
** It believes the current share price already reflects concession asset growth through to 2032 when most of these assets remain under construction
** It thinks the market is also pricing in its Acciona Energia 
ANE and Nordex 
NDX1 stakes with no liquidity constraints to realize these values, as well as no conglomerate discount, despite Acciona holding a variety of assets
** "Having assessed the use of supply chain financing across the sector, we also now include those deemed as off-balance-sheet liabilities," it adds
** Citi cuts company's target price by over 4% to 135 euros
** Out of 13 analysts that cover Acciona, four rate the stock "strong buy" or "buy," four rate "hold" and five rate the stock "strong sell" or "sell" - LSEG data
