On Thursday, Berenberg lowered its recommendation on GTT shares from 'buy' to 'hold', with a price target adjusted from €140 to €150.

In a research note, the German intermediary points out that the share price has climbed almost 20% since last week's publication of better-than-expected 2023 annual results and 2024 outlook.

While the analyst believes that GTT remains a 'solid' case to take advantage of the growing demand for LNG, he highlights a 'more balanced' risk/reward profile at current levels, based on a 20x P/E for 2024.

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