(CercleFinance.com) – Technip gains nearly 6% in Paris while Oddo BHF confirmed this morning its ‘outperform’ rating on the stock with an unchanged price target of 27 euros.
As a reminder, the stock lost 13.75% yesterday after the publication of an investigation in Le Monde entitled ‘How French Technip Energies assisted a Russian gas megaproject despite international sanctions’.
Oddo BHF indicates that Technip Energies has never hidden this contract nor its desire for a controlled exit. ‘The commitment was respected and the group confirmed its exit from the ALNG2 project on July 27, 2023 when publishing its half-year results,’ reports the analyst.
The broker estimates that the main financial risk lies in a possible fine for non-compliance with sanctions, a fine that Oddo BHF imagines potentially between 50 and 100 ME, an amount deemed ‘easily affordable for the group’.
The analyst nevertheless mentions another risk, commercial, rather localized in the American market where Technip Energies could be penalized in future calls for tenders in the area.