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CGG: Portzamparc hails Sercel's partnership

( - Broker Portzamparc, which is specialised in smidcaps, this morning confirmed its buy rating on the share of oil services group CGG, which announced an extension of the business scope of its subsidiary Sercel.

Maintaining its target price at 2.50 euros, this suggests upside potential of 65%.

This morning, the group announced that its subsidiary specialised in high-end sensor technology, Sercel, would, in the course of 2019, market a "structural monitoring solution" with Apave, a French technical consulting and certification company.

Portzamparc underlines that CGG expects this solution - which targets the aging infrastructure market - to be first deployed in France in 2020. It is "a partnership that is part of Sercel's strategy to diversify its outlets, the broker's report hails.

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