Wood Group: Berenberg still a buyer, but cuts target
(CercleFinance.com) - Berenberg reiterates its "buy" recommendation on the Wood Group share, while lowering its price target to 540 pence, after the Scottish oil services group reduced its EPS estimates: -23% for 2019 and -9% for 2020.
"Given the nature of the business and a half-year reporting structure, there are limited positive catalysts to drive the shares in the near term, but we see the stock as being too cheap," the broker explains in its research note.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"Given the nature of the business and a half-year reporting structure, there are limited positive catalysts to drive the shares in the near term, but we see the stock as being too cheap," the broker explains in its research note.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.