Barclays downgraded Subsea 7 (SUBCY) to Equal Weight from Overweight with a price target of NOK 390, up from NOK 310. 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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