Equities
Berenberg Updates Forecasts for GTT After In-line Q1 Trading; Price Target Up
Berenberg revised its estimates for Gaztransport & Technigaz's (GTT.PA), d/b/a GTT, after its first-quarter trading update came in line with expectations amid strong order momentum.In the first quarter, the French liquefied gas transport and storage group's total revenue was 192.5 million euros, meeting company-compiled consensus and up from 190.5 million euros a year ago, according to a Thursday note. Orders in the three months ended March 31 came in at 32, against 16 a year ago."GTT delivered an in-line Q1 2026 trading statement on 22 April, confirming no direct impacts from the Middle Eastern conflict and reiterating full-year guidance. The pace of orders has accelerated across the quarter and given order requirements from liquefied natural gas (LNG) projects that have sanctioned in the past year, we expect order momentum to remain," the research firm said.As such, Berenberg increased its sales, EBIT and EPS estimates for 2026 to 2028. Citing order rate in the first quarter of 2026, analysts also upgraded their order forecast for 2026 and 2027 to 85 each, from the previous 75. Over the next decade, LNG carrier orders are expected to reach 530, against the "450++" outlook.The stock's price target was increased to 190 euros from 185 euros, while the hold rating was unchanged.
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