0152 GMT - Worley's role in helping the polluting industries it serves build low-carbon businesses and reduce their own environmental footprint is underappreciated by the market, according to Goldman Sachs analysts. Worley's customers include oil, metals and chemicals companies. The engineering services firm is targeting 75% of aggregated revenue from sustainability related projects by FY 2026 from 52% in FY 2024. While Worley has gradually been held by more global sustainability funds, those kind of funds are 36% underweight on the stock versus its benchmark weighting, they say. Worley is poised to be "an enabler of green capex deployment, with the high-impact sectors and customers they serve pivotal to driving global decarbonization," GS adds. It has a buy rating on Worley with an A$18.00 target. Worley was last at A$14.44. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
October 22, 2024 21:52 ET (01:52 GMT)
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