EQUITA ups construction firm ICoP to 'buy' after H1 margin beat
BUZZ-EQUITA ups construction firm ICoP to 'buy' after H1 margin beat ** Brokerage EQUITA upgrades ICoP's ICOP.MI rating to "buy" from "hold" after the Italian construction firm posted preliminary H1 results above expectations on Monday
** EQUITA highlights the group's H1 core profit margin came in above 18%, against its estimate of 17%, along with a backlog of €1.5 billion ($1.73 billion) seen stable compared to FY 2025
** ICoP also confirmed its guidance for 2026 and the targets set in the plan to 2029
** Following the beat, the broker improves its 2026 estimates for revenue and EBITDA on an improved mix from foundations and microtunneling, while also slightly revising expectations upwards across the board through 2029
** EQUITA raises ICoP's standalone PT by 7.5% to €37 per share, while noting the potential takeover of Trevi TFI.MI "would add a further 13.5% value creation" and estimating a PT of €42 per share for the combined entity
** Its larger peer Webuild WBD.MI countered ICoP's takeover offer for Trevi in July
** ICoP's stock rises around 3% on Tuesday, up by almost 58% YTD
($1 = 0.8667 euros)
(Reporting by Fabrizio La Rocca)