UBS ups Technip Energies to 'buy', sees attractive risk-reward
BUZZ-UBS ups Technip Energies to 'buy', sees attractive risk-reward ** UBS upgrades French engineering and technology company Technip Energies TE.PA to "buy" from "neutral", citing an attractive risk/reward profile after shares have fallen more than 20% since the start of the Middle East conflict
** Market value lost since the conflict began is more than twice the post-tax value of the company's entire Middle East backlog, while total backlog has reached a record €25 billion ($28 billion) and relies less on the region, says UBS
** UBS views the guidance updated at Q2 results as conservative, since it assumes no improvement in the Middle East before year-end and no further cost recovery
** Broker cuts 2026 EPS by 28% and 2027 EPS by 7% to reflect the updated guidance
** Long-term outlook has improved as LNG buyers diversify away from the Middle East and the company is well placed for projects including Abadi LNG in Indonesia and Fujairah LNG, broker adds
** Out of 18 analysts that cover Technip Energies, 13 rate the stock "strong buy" or "buy," five rate "hold" and no analysts rate the stock "strong sell" or "sell" - LSEG data
($1 = 0.8933 euros)
(Reporting by Ronan Corcoran in Gdańsk)
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