Berenberg initiates coverage of Technip Energies with a 'buy' recommendation and a price target of 26 euros, representing an estimated upside potential of 35% for the stock of the French engineering group for the energy sector.

"The share has fallen by around 8% since the start of the year, due to the slight drop in raw material prices and concerns about future activity in the Middle East and the USA", acknowledges the broker.

"However, the strong order momentum and execution track record mean that we believe Technip Energies remains well positioned, with the pullback providing a good entry point", he nevertheless judges.

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