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Investing.com - Kepler Cheuvreux upgraded CMB Tech NV (BB:CMBT) from Hold to Buy and raised its price target to EUR9.00 from EUR8.80 on Friday.
The upgrade follows CMB Tech’s merger with Golden Ocean, which has significantly increased the company’s exposure to the dry bulk shipping segment, now expected to represent 58% of TCE earnings for 2025-27.
Kepler Cheuvreux noted the company’s portfolio is now weighted toward the Newcastlemax/Capesize segment, which is positioned to benefit from rising iron ore and bauxite volumes along with increased transportation distances.
These factors are expected to boost ship demand and support utilization rates, offsetting a softer outlook for crude carriers, which are projected to represent 26% of TCE earnings for 2025-27.
The research firm highlighted that CMB Tech stock is currently trading at a 47% discount to NAV and 42% discount to one-year forward NAV, levels it considers "unsustainable."
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