An uphill end to the week for Saipem which finds its way back on track after two consecutive days of decline.
Saipem among the best of the Ftse Mib
The stock, after closing yesterday’s session with a decline of almost two percentage points, today immediately positioned itself on the path to gains, progressively lengthening its pace.
In the last minutes Saipem changed hands at 2.204 euros, with an increase of 2.85% and over 17 million shares have passed on the market so far, compared to the average of the last 30 days of around 57 million.
Saipem driven by the rise in oil prices
The stock achieved the best performance in the oil sector and occupies one of the top positions in the blue chip basket, taking advantage primarily of the good performance of the Ftse Mib, but also of oil.
As we write, in fact, the black gold is photographed at 84.05 dollars, with an advantage of 0.6%.
Also giving a boost to purchases on Saipem are the positive indications coming from some investment banks.
Saipem: Bank of America confirms the buy
Bank of America analysts have decided to reiterate their “buy” recommendation on the stock, with a target price of 2.9 euros, confirming it as their top pick in the reference sector.
According to the US bank, Saipem’s 1st quarter accounts were in line with expectations and management confidently reiterated its guidance for 2024.
Saipem: Exane increases the target price
Good news also from Exane which on the one hand reiterated the “outperform” recommendation and on the other revised the target price upwards from 2.55 to 2.8 euros.
Commenting on the numbers for the first three months of the year, analysts say they added another quarter of solid execution, highlighting the fifth consecutive quarter of year-over-year Ebitda growth.
The broker has increased its estimates by increasing those relating to revenues and EBITDA by 2% for the current year and by 1% for the next.
