STOCKS NEWS EUROPE-Maire Tecnimont hit by profit warning

Italy's Maire Tecnimont SpA (MTCM.MI) is halted limit down, indicating a 19 percent drop, as poor results and order delays prompted the engineering contractor to cuts its 2009 targets. "On the back of weak results and delays on specific orders (Iran and Tobolsk), management revised downward guidance for 2009," Mediobanca analyst Andrea Scauri says in a note.

He cuts his target to 3.16 euros from 3.50 euros but keeps an 'outperform' rating, citing the outlook for new order intake. Maire Tecnimont cut 2009 EBITDA target to 130 million euros from 170 million euros, and net profit target to 80 million euros from 100 million euros.

The Mediobanca analyst says Maire Tecnimont gave no guidance for 2010 in a conference call on Wednesday.

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