Technip Energies: JPMorgan downgrades stock
(CercleFinance.com) - On Friday JPMorgan downgraded its Technip Energies shares from "outperform" to "neutral" after the stock's recent strong performance.
In a report on European oil and gas groups, the broker points out that the stock has been one of the best performers in the sector recently.
The analyst explains this revaluation by the company's intrinsic quality, as well as its successful transition towards a more sustainable offer, which has enticed investors that are not necessarily specialised in the energy sector.
As a result, JPMorgan believes that the company must now deliver on the market's hopes for accelerated growth before it could appreciate further.
As a result, the broker has raised its target price to E20.4 (from E18.2).
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