Saipem: stock weighed on by broker downgrade
(CercleFinance.com) - The Saipem share is down over 2% in Milan, with Jefferies downgrading it from "hold" to "underperform," whie trimming its corresponding target price from 1.
7 euro to 1.5 euro, in the wake of changes in its estimates for the oil services group.
"Day-rate improvements from here still put us 13%/20% below cons. 2021/22 EBITDA," the broker notes after another all-time low in offshore drilling day-rates in 2020.
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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.
7 euro to 1.5 euro, in the wake of changes in its estimates for the oil services group.
"Day-rate improvements from here still put us 13%/20% below cons. 2021/22 EBITDA," the broker notes after another all-time low in offshore drilling day-rates in 2020.
Copyright (c) 2020 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.