Technip Energies: boosted by Morgan Stanley's comments

(CercleFinance.com) - Technip Energies shares were one of the top performers in the SBF 120 index on the Paris Bourse on Wednesday, following a positive study by Morgan Stanley.


Shortly before 3.30pm, shares in the engineering group specialising in energy transactions climbed nearly 5%, the fourth-biggest gain on the index and back to near-month highs.

In a note on the energy services sector, Morgan Stanley raised its target price for them from E24.5 to E27, reiterating its 'overweight' rating on the stock.

While it points out that industry players such as Technip Energies, Subsea 7 and Saipem enjoyed strong commercial activity in Q2, winning new contracts, the broker says it does not expect any major surprises during the earnings season, other than a sequential improvement in their performance.


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