Subsea 7: shares higher with analyst raising target price.
(CercleFinance.com) - Oil services firm Subsea 7 shares are up over 2% on Wednesday in Oslo after Morgan Stanley analysts raised their target price for the stock.
The broker has set a new target price of 190 Norwegian krona, versus 160 Norwegian krona previously, as it sees "further upside ahead given low expectations."
Morgan Stanley - which maintains its "overweight" rating on the shares - expects further margin beats ahead in 2017, given low expectations, and thinks that the consensus is undemanding, with no growth expected until 2020.
The broker also believes that the share's valuation remains "compelling."
The Subsea 7 stock is currently up 2.3% at 129.9 Norwegian krona. Subsea 7 shares have risen by 18.8% year-to-date and have more than doubled in the past year.
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