Vallourec: Jefferies raises target price

(CercleFinance.com) - On Thursday, Jefferies reiterated its buy rating on Vallourec shares, adding a euro to its target price, which is now E17.


In its comments following the publication of its Q2 results, the broker says that it has raised its 2023 EBITDA forecast and has reduced its net debt target.

While acknowledging that the difficulties encountered by the Pau Branco iron mine are not good news, the broker says it is pleased with the recent robustness of its tube prices.

Jefferies also praises the solid performance of the offshore and international divisions, which has enabled it to offset oil tubular product prices getting back to normal levels in the US.

It says that the next catalyst is the company's CMD, which is scheduled for 12 September.


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