Investing.com -- Goldman Sachs upgraded LNG containment systems provider GTT to "buy" from "neutral" and set a 12-month price target of €210, implying about 16% upside, after a roughly 12% share price fall following results, which it sees as an attractive entry point.
The company holds near-100% market share at major Asian shipyards and runs a licensing model that requires little capital, Goldman said.
The third-quarter 2026 revenue miss was mainly a timing effect, as a limited number of vessels scheduled for accelerated delivery reverted to original contractual milestones, with no contract renegotiations or postponements, the brokerage said.
Management described the impact as "almost statistical", representing less than 2% of nine-month 2026 revenue, and reconfirmed full-year 2026 guidance.
GTT received 71 LNG carrier orders in the first nine months of 2026 versus 27 a year earlier. Its core order book stands at 299 units, with about €1.85 billion of secured revenue.
Only about 21 of the 71 orders relate to 2025-26 final investment decisions (FIDs), while 135 million tonnes a year of LNG capacity has reached FID since the start of 2025, Goldman said.
Its LNG tracker points to further FIDs through end-2026 and 2027, and it sees a substantial pipeline of vessel orders still to come.
Shipyard capacity should not limit orders, with Goldman's global shipbuilding team expecting capacity to expand 8% in 2026 and 9% in 2027, led by China.
Goldman raised its 2026-30 cumulative forecast for LNG carrier and very large ethane carrier orders by about 18% to about 430 from 365, slightly above Visible Alpha consensus data of about 420. It expects revenue to grow about 10% a year over 2026-29.
Recent Middle East LNG disruption could add a tailwind, with greater focus on supply security and diversification supporting renewed or accelerated LNG development activity, Goldman said.
Original Article
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