Bankinter | Técnicas Reunidas enjoys a record order book and a healthy balance sheet, including a positive net cash balance. However, margins continue to be tight and this is the main source of uncertainty in the medium term. Furthermore, the reduced visibility of the oil and gas price recovery and the low diversification of its business (focused on the Middle East), leads us to increase our caution.Read More
Morgan Stanley | Alvaro Serrano upgrades his recommendation for Banco Sabadell (SAB) to Overweight and the objective price from 1.10 to 2.35 euros. Sabadell has performed 10% worse than the sector YTD and Alvaro thinks that there is greater visibility in both profits and capital, which should provoke an increase in value.