Saipem: Stifel downgrades rating to 'hold

(CercleFinance.com) - Stifel downgrades its rating on Saipem shares from 'buy' to 'hold', with an unchanged target price of 2.
5 euros.

While Saipem will publish its Q4ᵉ and FY2024 results on February 26, Stifel anticipates a year-on-year increase in Q4ᵉ sales of around 11%, with a significant improvement in EBITDA of 44%.

' We expect the order book to reach a solid level of 34 billion euros (2.4 times estimated sales for 2024)', stresses Stifel, which expects full-year results to confirm the positive momentum, particularly in the offshore sector.

However, we expect investors to focus on the troubled Courselle and Thai Oil projects in 2025. Forecasts for 2025 should be favorable, although potential operational problems on these two projects could lead to additional costs', concludes the broker.

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