Analyst Roberto Ranieri from Stifel Nicolaus maintained a Hold rating on Saipem SpA (SPEA – Research Report) and keeping the price target at €2.50.
Roberto Ranieri has given his Hold rating due to a combination of factors surrounding Saipem SpA. One of the primary reasons is the anticipated merger between Saipem and Subsea7, which is expected to create a significant player in the energy services sector. The merger promises a substantial combined backlog and revenue, along with a strong global presence. However, the completion of this merger is not expected until the second half of 2026, which introduces a level of uncertainty in the near term.
Additionally, while the merger is set to result in higher dividends and potential synergies, these benefits are projected to materialize only after the merger’s completion. Saipem’s new dividend policy is expected to deliver a yield of 6.5-7.5% in 2025-26, but the full impact of the merger on shareholder value remains to be seen. Given these factors, along with the need for updates on legacy projects and company guidance, Ranieri maintains a neutral stance, leading to the Hold rating.
In another report released on February 19, Kepler Capital also maintained a Hold rating on the stock with a €3.00 price target.
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