Analyst Guillaume Delaby of Bernstein maintained a Buy rating on Saipem SpA (SPEA – Research Report), retaining the price target of €3.54.
Guillaume Delaby has given his Buy rating due to a combination of factors that highlight Saipem SpA’s strong fundamentals and promising future prospects. Despite a significant drop in share price since early 2025, the company’s financial health, as evidenced by its robust balance sheet and substantial backlog, remains solid. Saipem’s limited exposure to the US market and its focus on long-cycle engineering and construction projects provide stability against short-term oil price fluctuations.
Delaby’s analysis also points to potential improvements in operational efficiency, as indicated by higher-than-expected idle costs in 2024, suggesting room for cost optimization in 2025. Furthermore, the company’s strategic positioning in the offshore and subsea sectors, along with synergies from the Subsea 7 merger, are expected to enhance future profitability. The current undervaluation of Saipem’s stock, trading at historically low metrics, presents a compelling investment opportunity, reinforcing Delaby’s Buy recommendation.
In another report released on April 16, Morgan Stanley also maintained a Buy rating on the stock with a €3.20 price target.