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Saipem: share up with a broker upgrade

( - Going against the bearish trend in Milan (-2.
3% for the FTSE MIB), the share of Italian oil services group Saipem is up 0.7%, benefiting from an upgrade by broker Jefferies (from "hold" to "buy"), along with a higer target price of 5 euros (vs. 4.8 euros previously).

The broker justifies this 4% increase in its target price - the third this year - by "Material E&C (engineering and construction)Onshore awards alongside improved margin delivery and upgraded net debt guidance."

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