Saipem: Morgan Stanley's comments boost shares

(CercleFinance.com) - Saipem shares are amongst the sharpest risers in Italian blue chips on Wednesday, up 3.
9% to over 4.8 euros, after Morgan Stanley raised its target price on the oil services firm from 5.8 euros to 6.7 euros.

In a note to clients, the broker said it expects upstream capex to rise from here, in stark contrast to the consensus, supporting its positive view on oil services and its buy recommendation on the Saipem stock.

Besides Saipem - on which Morgan has an "overweight" rating - the broker also recommends investors buy TechnipFMC, Subsea 7, Tenaris, CGG, and Vallourec shares.

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