TechnipFMC: Oddo BHF still says 'reduce' - cuts target
(CercleFinance.com) - Oddo BHF has reiterated its "reduce" rating on the TechnipFMC share, while cutting its corresponding target price from 22.
9 euros to 21.8 euros, after the group published results that are below expectations. In addition, with its guidance cut for 2019, the share price has tumbled 10.8% in the market.
The broker notes that the oil services group is now in the active phase to begin its spin-off, which is expected to be effective in H1 2020, and which will create two leaders in their respective markets.
However, some shareholders of SpinCo could be brought to get out quickly, the analyst warns, who therefore maintains a "reduce" rating pending more information - including on the financial structures of the two future entities.
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.
9 euros to 21.8 euros, after the group published results that are below expectations. In addition, with its guidance cut for 2019, the share price has tumbled 10.8% in the market.
The broker notes that the oil services group is now in the active phase to begin its spin-off, which is expected to be effective in H1 2020, and which will create two leaders in their respective markets.
However, some shareholders of SpinCo could be brought to get out quickly, the analyst warns, who therefore maintains a "reduce" rating pending more information - including on the financial structures of the two future entities.
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.