Totally unjustified share price reaction

REC Silicon announced that it will reopen Moses Lake, with 100% capacity by late 2024, and that proposals for full offtake are on the table. It stated however that further funding is needed to get production up to 100%, which was unexpected. Despite lifting capex and working capital estimates, pushing full utilization out in time and include a 10% equity issue, we see future values of NOK 48/sh. Accordingly, we are surprised the share traded down 4% today. We lift our TP to NOK 33 (30) as the risk for future production and offtake were substantially lowered in our view. Buy reiterated.