Home
Investment
News & Views
Company News
news storage
Broker snap: RBS upgrades Petrofac
Wed, 08 Feb, 2012
INVESTMENT NEWS
Company Search
Search QCK.COM
Investment Home
News & Views
Top Stories
Charting
Company Search
Watchlist
Market Reports
Market Buzz
Company News
Economic News
New Issues
Other News
Broker snap: RBS upgrades Petrofac
Wed, 10 Mar 2010, 12:50:00
Royal Bank of Scotland (RBS) has mulled over the record numbers announced by oil and gas plant provider <b>Petrofac</b> and determined that they warrant an upgrade in the broker's rating of the stock. RBS has upgraded the stock from 'hold' to 'buy' and beefed up its price target to 1230p from 1025p after increasing its net profit forecasts for 2010 by 8%. After stripping out the company's UK Continental Shelf assets, which are being hived off into a joint venture with Swedish company Lundin Petroleum, RBS expects Petrofac to post a net profit of $378m in 2010. The trading environment in the engineering and construction (E&C) market remains competitive, with Korean operators maintaining 'aggressive order intake targets for 2010' but Petrofac, with its strong order backlog, can 'be selective and continue to secure work at attractive margins,' RBS believes.
©2004-2009 QCK.com
