Vallourec: BofA remains Buy after results

(CercleFinance.com) - Bank of America Global Research reiterates its 'buy' recommendation and 20-euro price target on Vallourec, forecasting a stronger year-end with updated estimates for Q4 2024.


'We see upside potential for the EBITDA consensus of 5% for Q4 2024 and 2% for FY 2025, with strong FCF indicating initial cash returns', the broker believes.

According to BofA, Vallourec's share price can recover its recent underperformance against its Tenaris peer in the short term, 'before further outperforming next year on the declaration of its first dividend in over 10 years'.

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