Stock up 4.16% (Il Sole 24 Ore Radiocor) - Milan , 26 Jun - Shares of Saipem were higher in Milan trade, after analysts at the broker Jefferies confirmed a "buy" recommendation as they highlighted expectations the Italian energy and infrastructure engineering and construction company would report a record order portfolio when it releases second quarter results on July 24.

At 0930 GMT, Saipem shares were up 4.16% to 2.33 euros, while the benchmark FTSE MIB index was down 0.01% at 33,702.54 points.

While some investment houses have lowered their estimates for Saipem due to the suspension of drilling contracts in Saudi Arabia, Jefferies noted that it has instead raised its forecasts thanks to expectations of a new order portfolio record topping 30 billion euros.

Jefferies has a target price of 3 euros on Saipem.

AAA-Hob

(RADIOCOR) 26-06-24 11:54:37 (0266) 5 NNNN