Our continued Outperform recommendation on Acergy ADRs also reflects the company's high-quality client base, which mostly includes well-capitalized oil majors or national oil companies. We believe Acergy's impending merger with Subsea 7 will create a stronger, more diverse seabed-to-surface engineering and construction player, enabling it to provide a broader array of services.
As such, we view Acergy ADRs as an attractive investment and maintain its Outperform recommendation. Our $21 price objective represents a 2010 P/E multiple of 23.1X.
ACERGY SA (ACGY): Free Stock Analysis Report
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