Berenberg reiterated its buy rating for Gaztransport & Technigaz (GTT.PA), d/b/a GTT, ahead of the company's release of third-quarter sales and order figures on Oct. 23.
For the quarter, the research firm modeled revenue of 194 million euros for the French liquefied gas transport and storage group, according to a Thursday note. Analysts also expect GTT to narrow its 2026 guidance towards the top of current forecasts, with revenue of between 740 million euros and 780 million euros and EBITDA of 490 million euros and 530 million euros.
Accordingly, Berenberg increased its EBIT and EPS forecasts for 2026 and 2027, while those for 2028 were left unchanged. Sales estimates were also revised across the three-year period, with the 2026 and 2028 projections maintained, while the 2027 estimate was raised.
"GTT's seven LNGC orders qtd bring its ytd total to 63. Although this implies a quarterly slowdown versus H1 (29 in Q1; 27 in Q2), Q3 is typically one of the weakest quarters for order flow. The medium-term outlook remains highly supportive, driven by significant increases in global liquefaction capacity currently under construction. There is also growing momentum across several pre-FID projects, which provides increasing visibility on future orders," analysts said.
Berenberg maintained the stock's price target of 245 euros.