Nomura has cut its target price on engineer Amec but still prefers the stock over fellow engineering-focused company Wood Group.
The broker notes that Amec's full year report disappointed the market and has cut its target price on the stock to 915p from 950p.
'On our numbers, there is little to distinguish the two stocks from a valuation perspective today,' Nomura says.
It continues: 'Both companies have painted a similar picture of the broad outlook for 2010: the pricing environment remains tough and contracting activity is expected to show signs of improvement in the second half of 2010.'
Nomura retains its 410p target price on Wood Group.
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Broker snap: Nomura still keen on Amec
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