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Citigroup raised its price target on Singapore rig builder SembCorp Marine to $5.90 from $4.76 and kept its buy rating.
By 11:20 a.m., SembCorp Marine’s shares were down 0.6% at $4.86.
By 11:20 a.m., SembCorp Marine’s shares were down 0.6% at $4.86.
Citi said despite the recent increase in SembCorp Marine’s share price, it believes the firm’s “improved order-win prospects have yet to be fully discounted” and its contract wins have potential to exceed consensus expectations.
The U.S. bank increased its order book estimates for the company by about 30 to 40% for 2012 and 2013.
Citi said it expects demand for semi-submersible rigs, an area SembCorp is good in, to emerge this year after a long period of underinvestment.
