In a report released on June 17, Filippo Migliorisi from TP ICAP MIDCAP reiterated a Buy rating on Italian Sea Group S.p.A. (6QN – Research Report), with a price target of €12.70.
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Filippo Migliorisi has given his Buy rating due to a combination of factors that position the Italian Sea Group S.p.A. (TISG) advantageously within the evolving nautical market. The strategic acquisition by Blackstone of Safe Harbor, aimed at expanding marina infrastructure to accommodate larger vessels, aligns with TISG’s focus on the 50–70m yacht segment. This alignment enhances TISG’s commercial prospects, particularly given their significant exposure to the Americas.
Moreover, the scarcity of berths for large yachts in the US, coupled with rising rental prices, underscores the value of TISG’s high-end offerings. Despite potential concerns about tariffs on European yacht exports to the US, the impact is expected to be minimal due to the structuring of yacht sales. TISG’s strong backlog and focus on semi-custom builds further solidify its market position, supporting the Buy recommendation with a target price of €12.7.