Tecnicas Reunidas : “Esperarâ€
>Reduce recommendation maintained and target price adjusted to € 21 - We are sticking to our Reduce recommendation on the stock despite the correction of close to 22% since the start of the year. It is true that the group is well positioned in the Middle East, however with weak order intake and tougher negotiations with clients, margins are likely to remain under pressure. All told, our sharp 2018 EPS downgrade is driven mainly by currency effects (impact of the slid...Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.
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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