CGG: Oddo reiterates rating after Q1 results

(CercleFinance.com) - Oddo maintains its Neutral rating on the CGG stock with a price target of 1 euro.


The uncertainty regarding the real extent of the recovery and its timing is, at this stage, still too great (strong acceleration of activity expected in H2 for both GGR and equipment), with the broker still preferring E&C players, it says.

Oddo believes that the group's YTD performance of over 10% already includes a business recovery scenario.

The analyst also points out that revenues should post single-digit growth, as a result of growth in Equipment sales and a gradual recovery in the Geoscience business (an acceleration scenario in H2).

The market seems to be shying away from the CGG share this morning, however, with it down around 4% in mid-morning trading.



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