Bernstein raises target for Saipem stock from EUR 4.96 to EUR 5.44

Published on 10/21/2026 at 09:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue reached EUR 3.8 billion, up 3.40 percent year over year. Saipem stock has results due on November 18, 2026, with 2027 guidance.

Bernstein target and November dates

Bernstein lifted Saipem's target from EUR 4.96 to EUR 5.44 on October 9, 2026.
First-half 2026 revenue reached EUR 3.8 billion, up 3.40 percent year over year.
Saipem will present third-quarter 2026 results on November 18, 2026, followed by a conference call on November 19, 2026.
Market capitalization stood at EUR 8.7 billion on October 21, 2026.

Saipem, IT0000068525, Illustration mit AI erstellt.

Saipem (IT0000068525) had its analyst target raised from EUR 4.96 to EUR 5.44 on October 9, 2026, while Bernstein kept its Outperform recommendation, according to Teleborsa. The revision puts the upcoming third-quarter report and 2027 guidance at the center of the next valuation test.

First-half figures set the baseline

Saipem's first-half 2026 revenue reached EUR 3.8 billion, an increase of 3.40 percent from the same period of 2025. Adjusted EBITDA stood at EUR 402 million, with a 10.50 percent margin, while free cash flow reached EUR 189 million, according to Investire Certificati.

The operating picture also included EUR 4.1 billion of order intake and a EUR 63.0 billion commercial pipeline in the first half of 2026. Those figures give the November release a clear test: investors can compare execution, cash generation and project conversion with the first-half base.

Three dated signals for Saipem

On July 27, 2026, Saipem published first-half revenue of EUR 3.8 billion and adjusted EBITDA of EUR 402 million. On September 23, 2026, the company moved the board approval date for third-quarter results to November 18, 2026, from October 27, 2026, according to Saipem. On October 9, 2026, Bernstein raised its target to EUR 5.44 from EUR 4.96.

What does the 2027 date change mean?

The revised schedule gives the company two linked milestones. Saipem is due to present consolidated results for the nine months ended September 30, 2026, on November 18, 2026, including its 2027 budget and market guidance. The conference call follows on November 19, 2026, as stated by Saipem. The sequence makes margin quality, free cash flow and order intake the key figures for testing the higher target.

The Italian listing in context

Saipem was last at EUR 4.48 on Borsa Italiana on October 21, 2026 at 9:40 a.m. CEST. Its market capitalization was EUR 8.7 billion on the same date, while the 52-week range was EUR 2.17 to EUR 4.85. The next scheduled milestones are the November 18, 2026 results and the November 19, 2026 conference call.