Schoeller-Bleckmann: weighed on by broker downgrade
(CercleFinance.com) - The share of Schoeller-Bleckmann, the Austrian oil services group, is down 6% this lunchtime, with Credit Suisse now negative ("underperform" rating) on the share.
In addition, it has slashed its target price by one third, to 54 euros.
Credit Suisse is worried about forecasts for demand for terrestrial oil services in the United States in the third quarter. The outlook is by no means attractive, experts say, for whom it is necessary to listen to what the market says. In addition, the trend is likely to worsen when the drop in crude oil prices will cut cash generation by oil companies, the broker fears in its note.
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