Subsea 7 assumed with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Guilherme Levy assumed coverage of Subsea 7 with an Equal Weight rating and price target of NOK 155, up from NOK 152. The analyst says energy service sector fundamentals remain strong for European names exposed to long-cycle projects. This, combined with individual stories driving margin expansion, could drive “another leg of re-rating” for Saipem and Technip Energies, the analyst tells investors in a research note.