Petrofac: stock up, with broker upgrade
(CercleFinance.com) - The Petrofac stock is up 1.
8% in London today, boosted by broker Jefferies, which has upgraded its rating on the stock from "hold" to "buy," even though it has cut its corresponding target price from 640 pence to 590 pence, and although many investors prefer to steer clear from the oil services group's share.
The broker believes that the business is increasingly well managed, while trading at multiples that it believes are "depressed" (2019e EV/EBITDA of 5.5x), and expects sound results to be published on 28 February.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
8% in London today, boosted by broker Jefferies, which has upgraded its rating on the stock from "hold" to "buy," even though it has cut its corresponding target price from 640 pence to 590 pence, and although many investors prefer to steer clear from the oil services group's share.
The broker believes that the business is increasingly well managed, while trading at multiples that it believes are "depressed" (2019e EV/EBITDA of 5.5x), and expects sound results to be published on 28 February.
Copyright (c) 2019 CercleFinance.com. All rights reserved.