Biofuel maker Neste falls as it cuts guidance again
** Shares in Neste NESTE.HE fall more than 5% after the Finnish oil refiner and biofuel maker posted a third cut to its renewables margin guidance for 2024
** Neste expects the sales margin in the Renewable Products business to be $360-480/ton for the year, against $480-580/ton seen in July and $480-650/ton expected in May
** It also cuts its guidance on sales volume for sustainable aviation fuel (SAF), which Inderes analyst Petri Gostowski says is "somewhat surprising"
** "This should be one driver that has an impact on the margin guidance," Gostowski says
** "However, we have witnessed the weakness in diesel prices and the link to renewables pricing is known and the pressure from this does not come as a surprise," he adds
** Neste shares, down 48% year-to-date, are among the worst performers on Europe's benchmark STOXX 600 index .STOXX
Reporting by Boleslaw Lasocki
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