GTT: Berenberg still buying, but cuts TP
(CercleFinance.com) - Berenberg confirms its buy rating on GTT shares, while lowering its TP for them to E158, the day after the initial conclusions of the strategic review of its green hydrogen subsidiary Elogen and the surprise resignation of CEO Jean-Baptiste Choimet.
The broker has adjusted its EBITDA estimate for 2024 due to Elogen's larger-than-expected loss, and has reduced the subsidiary's personnel costs to take account of its likely 110 redundancies.
Berenberg is now awaiting the release of GTT's annual results on 20 February for further clarity on the situation, but continues to view the company's core LNG containment business favourably.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker has adjusted its EBITDA estimate for 2024 due to Elogen's larger-than-expected loss, and has reduced the subsidiary's personnel costs to take account of its likely 110 redundancies.
Berenberg is now awaiting the release of GTT's annual results on 20 February for further clarity on the situation, but continues to view the company's core LNG containment business favourably.
Copyright (c) 2025 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.