Saipem: Berenberg raises target price

(CercleFinance.com) - Berenberg has increased its target price for the share of Italian oil company Saipem to 6 euros and has confirmed its buy rating, after the group published its Q4 sales and EBITDA.


Sales exceeded expectations, while EBITDA was in line, Berenberg said, adding that Saipem has unveiled its forecasts for 2019 (sales of around 9 billion euros and an adjusted EBITDA margin of over 10%).

Berenberg has therefore revised its forecasts for the fourth quarter, in addition to the following years, expecting EPS growth of 14% in 2019 and 29% in 2020.


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