-Trendtech rates "buy" on Sevan Marine.
NORDIC BUSINESS REPORT-March 29, 2011--Trendtech rates "buy" on Sevan Marine(C)2011 M2 COMMUNICATIONS http://www.m2.com
29 March 2011 - Trendtech issued a "buy" recommendation on Norwegian oil service provider Sevan Marine ASA (OSL: SEVAN), as it considers the stock has triggered positive signals after rising on Friday.
The share price growth was driven by the announcement that Sevan Marine will spin off its drilling business into an independent entity, Sevan Drilling ASA, and list it on the Oslo Stock Exchange (OSE).
The share has given a buy signal from a double-bottom formation, in which further price increase up to NOK7 is indicated in the short term, Trendtech said.
In four to eight weeks, the broker sees a potential for the stock to rise to NOK8. The stop-loss was set at NOK5.90.
By 09:37 CET on Tuesday, shares in Sevan Marine had edged down 0.24% to NOK6.255 on the OSE.
(EUR1 = NOK7.9)
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|Title Annotation:||Oslo Stock Exchange|
|Publication:||Nordic Business Report|
|Article Type:||Brief article|
|Date:||Mar 29, 2011|
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