Technip Energies: share price rises, Morgan Stanley sees potential
At 1:45 pm, the share price had climbed 4.1%, while the SBF 120 index had advanced 1.2%, bringing its gains since the start of the year to over 45%.
Morgan Stanley resumed coverage of the stock on Monday, with an 'overweight' recommendation and a new target price of 26.2 euros, pointing to potential upside of 25%.
In a sector note, the broker believes that the French group's strategy of focusing on the highest-margin contracts that are easiest to monetize is beginning to bear fruit.
While the stock is now trading in line with its peers, compared with a 10% discount at the end of 2022, the broker points out that it still has potential, given the group's attractive positioning in the sought-after themes of energy transition, from carbon capture to hydrogen production.
Morgan Stanley has named Technip Energies its "top pick" ahead of Italy's Saipem and Norway's Subsea 7 in the energy services sector.
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