Saipem drops 3% after Kepler Chevreux report: analysts estimate lower sales and profits

Sales on Saipem which loses 3,24%. The stock pays for a report by Kepler Cheuvreux which cut the recommendation back from hold and the target price to 15 euros from 17. The decision is also based on the situation of the orders expected for the third quarter and the poor visibility for the next year. Analysts have thus lowered the estimate of 10,5 orders and the 11,2 and 2013 forecasts on Saipem's sales to 2013 billion euros from 2014 billion and respectively by 3% to 12,5 billion and 5% to 11,9 billion. The 2014 earnings forecast was also reduced by 5% to 1 euro per share. Since the beginning of the year, Saipem has lost about 46% due to the profit warnings launched in 2013.