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Investing.com - Berenberg has raised its price target on Technip (EPA:FTI) Energies NV (EPA:TE) to EUR45.00 from EUR33.00 while maintaining a Buy rating, citing robust momentum in liquefied natural gas (LNG) markets.
The research firm noted that strong visibility from Technip Energies’ backlog has contributed to a near doubling in the company’s share price over the past 12 months.
Berenberg highlighted the recent Commonwealth LNG award in the US as a factor that further buoyed shares, adding that Technip Energies is well positioned to continue benefiting from LNG market momentum.
The firm expressed encouragement regarding Technip Energies’ selectivity in new awards, which helps de-risk project execution and support margins in the medium term, along with its portfolio of margin-accretive proprietary technology offerings.
Berenberg also pointed to Technip Energies’ strong cash generation, which further supports the balance sheet, while noting that opportunities outside of LNG are building.
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