Ahead of the upcoming earnings season, Deutsche Bank has cut price targets on nearly 30 European stocks this week and upgraded just one to “buy.” The bank’s biggest cut to price target was for Denmark’s energy giant, Orsted . Deutsche’s analysts lowered their 12-month share price forecast by 36% to 450 Danish krone ($64) on Oct. 16. The stock has nearly halved in value this year and currently trades around 320 krone. D2G-DE YTD line The analysts had previously highlighted challenges in the wind turbine industry, where Orsted is a significant player, including supplier delays, lower tax credits, and rising rates. Orsted’s shares also tanked after the company raised the possibility of a potential 2.1 billion euro ($2.22 billion) impairment charge in its U.S. offshore wind portfolio. The table below shows the 10 out of 28 stocks with the biggest cuts to price targets, according to the Deutsche Bank note on Oct. 16: Deutsche Bank lowered its price target on Swiss construction chemicals maker Sika by 4%, saying the Swiss Franc’s “safe-haven” status is counteracting gains from an earlier acquisition. In online food delivery, Deutsche Bank said its proprietary data shows demand stabilizing for takeaway apps across markets it monitors. The analysts said they expect to hear a reassuring message on demand outlook from Delivery Hero and Just Eat Takeaway.com but cut their price targets on both stocks by 5.7% and 11%, respectively. They maintained a “buy” rating on Takeaway.com and a “hold” rating on Delivery Hero. Elsewhere in the European utility sector, the investment bank struck a positive tone in its outlook despite the price target cuts. It said investors overestimate the impact of rising bond yields and are becoming too pessimistic about the renewable energy outlook. Deutsche Bank analysts prefer integrated utilities like RWE , Enel , SSE , and E.ON , reiterating “buy” ratings on the stocks but lowering their price targets by 2% and 12%. Deutsche Bank said rising rates are shifting from a tailwind to a headwind for Italian lenders as higher yields dampen client appetite for managed assets. Fineco Bank was downgraded to hold as the “cash-sorting effect” — where clients move uninvested cash into cash-like investments — impacts share price performance and will likely remain negative for the “foreseeable future,” according to the bank. The only upgrade The Deutsche Bank analysts only upgraded their rating on one stock: Italian natural gas company Italgas , which it increased to “buy,” although it lowered its price target on the stock by 5%.