(News Bulletin 247) – Jefferies reiterated its buy recommendation on Vallourec on Thursday, which it adds to a new target price of 17 euros, against 16 euros so far.
In a research note released following the publication of the French group’s second quarter results, the broker indicates that it has revised its Ebitda forecast for 2023 upwards and reduced its net debt target.
If he recognizes that the difficulties encountered by the Pau Branco iron mine are not good news, the broker says he is pleased with the recent robustness of the price of his tubes.
Jefferies also explains that it welcomes the solid performance of the offshore and international divisions, which allows the group to offset the normalization of prices for petroleum tubular products in the United States.
The next catalyst, he says, is set for September 12 with the holding of the company’s Investor Day.
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