Stock Name: CSE Global
Company Name: CSE GLOBAL LTD
However, the brokerage said losses in CSE Global’s business in the Middle East are likely to be minimal after the second quarter, and expects the firm to see a strong rebound compared to the first half of the year.
Company Name: CSE GLOBAL LTD
| Research House: Citigroup | Price Call: BUY | Target Price: 1.45 |
Citigroup has cut its target price for Singapore’s CSE Global (CSES.SI), a systems integrator for the global oil industry, to $1.45 from $1.50 and kept its buy rating.
Citi said it has cut its 2011 earnings estimates for CSE Global by 12.5 and by 5%for 2012 to account for weakness in its Middle East business.
However, the brokerage said losses in CSE Global’s business in the Middle East are likely to be minimal after the second quarter, and expects the firm to see a strong rebound compared to the first half of the year.
Several mid to large-size contracts could materialise over the next 6-12 months for CSE Global, Citi said.
At 9:13 a.m., shares of CSE Global were 0.41%lower at $1.225, and have fallen 5.8%since the start of the year.
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