While lowering its price target by 4% to 48 euros, Jefferies reaffirms its "buy" recommendation on Technip Energies, with EBITDA estimates for 2026/27 raised by 2% and 6% respectively, following the addition of the AM&C acquisition to its model starting from the second quarter of 2026.

"The higher margin contribution more than offsets the reductions in revenue in our organic forecasts for TPS, following the shortfall against expectations in the third quarter and the resetting of forecasts for 2026," the broker explains.

According to Jefferies, the coverage of the order book for project deliveries in 2026 supports annual revenue growth of 20%, and the pipeline of pre-FID awards underpins a return to order intake exceeding EUR10 billion in 2026.