UBS Raises Neste to Buy, Targets €31

• UBS upgraded Finland's Neste Oyj to "buy" from "neutral" and lifted price target to €31 from €29.
• UBS sees Renewable Products margins far above market expectations, forecasting $874/t in 2026 versus consensus $694/t, boosting EBITDA outlook.
• Regulatory tailwinds include a 60% U.S. biodiesel mandate increase for 2026 and Germany ending double‑counting rules, supporting margin growth.
• Upcoming catalysts are Neste’s Q1 2026 results on April 29 and a German regulatory vote on May 8.