Barclays analyst Mick Pickup downgraded Saipem (SAPMY) to Equal Weight from Overweight with a price target of EUR 5, up from EUR 4. The firm adjusted ratings in the European energy services space, saying the full impacts of the Middle East crisis yet to filter to the consumer. Barclays sees the longer-term implications for the sector outweighing current uncertainties and lifted its price targets across the group.
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