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Canaccord Genuity places Wood Group 'under review'
(Sharecast News) - Analysts at Canaccord Genuity placed their target price and rating on oilfield services business Wood Group under review on Thursday, stating it was "lacking reasonable grounds" to take a stance on the stock. Wood Group said earlier in the week that it does not expect to be able to publish results by 30 April and was now expecting to have its shares suspended from trading on the same date. It also stated that there was an expectation of material restatement of accounts for each of the past three years.
As a result, Berenberg no longer believe it has "a reasonable basis" for a price target on Wood.
"We continue to believe that the franchise has a substantial value, as indicated by the continuing discussions with Sidara, but we do not believe this is an adequate basis for a valuation," said the German bank.
Berenberg previously had a 'buy' rating and 250.0p target price on the stock.
Reporting by Iain Gilbert at Sharecast.com
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