Berenberg maintains its 'buy' recommendation on Technip Energies shares, although lowers its target price for them to €43, with EPS estimates reduced 3% for 2025, although broadly stable for 2026.

The broker points out that Technip Energies' Q3 results were below consensus expectations and that order intake was significantly lower than in the previous quarter.

"However, we continue to believe that Technip Energies is on the verge of being awarded several major projects, which would be favorable for the stock," Berenberg tempers, mentioning, amongst others, the Commonwealth LNG project in the US.

It adds that it is now including the contributions of Ecovyst's acquired Advanced Materials & Catalysts (AM&C) business, which has a positive impact on margins, in its estimates for the group from the end of Q1 2026.