Vallourec gains over 5% with the support of comments from Jefferies, which initiates a follow-up on the share of the French seamless tube manufacturer with a 'buy' recommendation and a price target of 16 euros.

With a new management team in place and a credible plan to increase FCF by 250 million euros a year, in parallel with progress towards zero net debt by 2025, we see grounds for a reassessment", the broker believes.

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