Cobas AM: Nueva Gestora de Francisco García Paramés

(CercleFinance.com) - Oddo confirms its outperform rating on the stock, with an adjusted price target of 10.7 euros (vs. 12.5 euros).

The analyst says that they thought that this spin-off would enable investors to play a rerating role in the share. Part of the path has already been covered, although the broker believes there is still significant upside potential.

Technip Energies' first listing is taking place today with settlement and delivery on 23 February. There will be 179.8 million Technip Energies shares in issue.

TechnipFMC (post-spin off) is trading at a 23% discount relative to its peers. In its target price, the broker includes the effects of this spin off (5 TechnipFMC shares = 1 Technip Energies share), i.e. a target price of 10.7 euros (12.5 euros -(1/5)* 9 euros = 10.7 euros, Oddo adds.

Hot property on Tuesday morning, the Technip Energies share is up a staggering 32% an hour-and-a-half into trading, while the TechnipFMC share is down about 3%...