Nel’s Q4 report was characterized by higher revenues, but a weaker EBITDA than expected driven by higher than expected ramp-up costs. We make a few smaller estimate changes for 2021, but hardly any thereafter, and maintain our case view published after the company’s CMD one month ago. As the share has traded down significantly since then, we now see ~25% upside, and consequently upgrade to Buy and reiterate our NOK 35 target price.