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Broker snap: High oil price boosts Aveva, JPM says
Mon, 01 Dec, 2008
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Broker snap: High oil price boosts Aveva, JPM says
Fri, 22 Aug 2008, 10:00:00
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Related Market Prices
Name
Value
Percent
Change
Aveva Group
488.50p
-6.95%
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Aveva
is well placed to grow in the oil sector as long as crude stays above $70 a barrel, JP Morgan said as it started coverage on the engineering design software provider with an 'overweight' rating and 1,345p target price.
The high oil price is leading to more investment in exploration, the broker noted, with further shifting of oil production offshore creating more demand for complex design software.
Power demand is also growing rapidly in emerging countries such as Brazil, Russia, China and India, JPM noted.
Aveva provides software to the oil, gas, power and marine industries.
Apart from a fall in the price of oil, the prospect of a collapse in shipbuilding demand is a risk for Aveva, JPM said.
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