CGG : Tough start to the year – ramp-up set to be gradual
>Neutral rating maintained - We maintain our Neutral rating on the stock (€ 0.85 target price). Higher oil prices are initially set to benefit short-cycle projects and development capex. Further out, a recovery in exploration expenditure looks increasingly likely, even crucial. The diversification strategy put in place by the group (Beyond the core business) should allow it to reduce its cyclical exposure going forward. But it is likely to require efforts in term...CGG is a global participant in the geophysical seismic industry. Co. manufactures geophysical equipment and provides marine, land, and airborne data acquisition services. Co. also provides geosciences services, including data imaging, seismic data characterization, geosciences and petroleum engineering consulting services, and collecting, developing and licensing geological data. Co.'s clients are in oil and gas exploration and production industies. Co. divides its activities into four segments: Equipment, Contractual Data Acquisition, Geology, Geophysics and Reservoir (GGR), and Non-Operated Resources, including eight business lines, six Corporate functions, and four Group Departments.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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