21 October 2010Handelsbanken Capital Markets has raised the share price target on Oslo-listed oil service company Subsea 7 to NOK135 from NOK127 and reiterated its "accumulate" recommendation.
The broker said in a recent analysis it expects a seasonal increase in activity, but margins will be lower than the 24% reported in the past three quarters.
Handelsbanken also expects EBITDA of USD117.3m in the third quarter of 2010.
The broker estimates that the majority of regions will register a development flat on the previous quarter, except Brazil, which strengthened at the end of the second quarter of 2010.
By 09:16 CET on Thursday, shares in Subsea 7 had added 0.17% to NOK120.90 on the Oslo Stock Exchange (OSE).