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Investing.com - BNP Paribas (OTC:BNPQY) Exane upgraded Fugro (AS:FUGR) NV ( AMS (VIE:AMS2):FUR) from Neutral to Outperform on Friday, while raising its price target to EUR14.50 from EUR12.00.
The research firm cited Fugro’s shares trading at a significant discount compared to historical levels, with expectations that the re-rating will continue.
BNP Paribas Exane noted that its view of a short, sharp slowdown followed by a second-half rebound and gradual recovery is now de-risked by backlog coverage and new guidance from the company.
The firm indicated that even with modest growth assumptions into 2026, Fugro shares appear attractively valued compared to historical levels.
The new price target is based on a 5.3x EBITDA multiple, which represents a 10% discount to historical levels, compared to the 4x multiple used previously.
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