While maintaining its 'buy' recommendation on GTT (Gaztransport and Technigaz), Berenberg lowers its price target from 150 to 140 euros, incorporating the loss of Russian revenues into its model and lowering its long-term estimates.

The broker recalls that the engineering company announced it was ceasing its activities in Russia, reducing its order book by around 5%, after a difficult month with a negative court ruling in South Korea and the technical sale of shares by Engie.

However, we continue to believe that the consensus is far too low for 2024, and that the annual results will be a powerful catalyst", continues Berenberg, who sees an "attractive buying opportunity" after what he sees as an exaggerated fall in the share price.

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