Barclays raises European energy services PT by 21% on average, reshuffles ratings

Barclays materially raised price targets across its European energy services coverage (average +21%) and shifted valuation to a P/E framework (15x 2027), prompting bullish repositioning in the sector. The bank upgraded several names (Technip Energies, Viridien) and downgraded others (Aker Solutions, Hunting), while trimming near-term EBITDA for some groups but raising 2027–28 EBIT estimates by 10–16%. Barclays cited inventory replenishment, Middle East disruption and energy security as demand drivers; oil’s ~95% Q1 rise was noted as supportive. The moves increase implied upside for select stocks and reinforce positive sentiment for the Europe 50 energy-services exposure, though seasonal risks remain (Apr–May).