Saipem : Italian I am, and Italian I shall remain
>Underperform rating (target price € 1.7) - Following the CMD (in the wake of the publication of Q3 results below expectations: cf. our Flash of 28/10/21), we reiterate our Underperform rating on the share (target price unchanged at € 1.7). The financial situation will continue to deteriorate in 2022 and fears of new cost overruns could persist (like the new difficulties encountered at the offshore wind farm project which continued to have a negative impact in Q3 2021...Saipem is a global contractor with local presence in Africa, Central Asia, America, the Middle East and South East Asia. Co. provides engineering, procurement, construction and installation services; and engineering, procurement and construction services to the oil and gas industry, both onshore and offshore, with a focus on projects, including activities in remote areas, in deep waters and on projects that involve difficult gas or crude supplies.
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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