GTT: Berenberg lowers its target price

(CercleFinance.com) - Berenberg reaffirms its 'buy' recommendation on GTT, while lowering its target price to 158 euros, the day after the initial conclusions of the strategic review of its green hydrogen subsidiary Elogen and the surprise resignation of CEO Jean-Baptiste Choimet.


The broker has adjusted its EBITDA estimate for 2024 due to Elogen's larger-than-expected loss, and has reduced the subsidiary's personnel costs to take account of its likely 110 redundancies.

Berenberg is now awaiting the release of GTT's annual results on February 20 for further clarity on the situation, but continues to view the company's core LNG containment business favorably.

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