Tecnicas Reunidas : The situation is returning to normal
>Outperform rating confirmed and target price raised to € 14.5 - We are maintaining our Outperform rating on the stock with a higher target price of € 14.5 (vs € 13) based on our upgraded 2021-2023 EBIT sequence (around 10%). Our EPS sequence is for its part only impacted by an increase in the IS rate. Despite a YtD performance of +12%, we think that there is still upside potential on the stock which should benefit from brisk newsflow through new contract announcement...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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