CGG (Hold, TP: EUR1.60) - Clean sheet
Following the restructuring, CGG has a sound balance sheet. While CGG is well positioned for an exploration recovery, this continues to be pushed out in time, and we have a muted outlook. However, we find the stock more fairly valued and we are more neutral on 2018 estimates; thus we have upgraded our recommendation to HOLD. Our SOTP-based target price is EUR1.6 (1.75).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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