BUZZ-Petrofac: Shares continue fall as brokerages lower targets

** Energy services company Petrofac continues slide into second day, falling 5.4 pct to lowest since 2009.

** At least 10 analysts cut their price targets on the stock, with 5 lowering their rating to "hold".

** Of the 20 analysts covering the company, 10 have a "hold" rating, 6 rate it a "buy" and 4 recommend it a "strong buy", still no "sell" ratings.

** Morgan Stanley (Xetra: 885836 - news) , Credit Suisse (NYSE: CS - news) , Deutsche Bank (Xetra: 514000 - news) , Exane BNP Paribas, Investec (LSE: INVP.L - news) , Natixis (Paris: FR0000120685 - news) and S&P Capital all lowered their ratings to "hold" or the equivalent "neutral".

** The analysts say that while Petrofac's core engineering and construction business is robust, continued weak performance at its Integrated Energy Services (IES) division is a cause for concern.

** "We feel the main sentiment driver will be the admission that project execution has fallen well short of management's exalted record, lowering confidence over the quality of future earnings," Credit Suisse analyst David Thomas said in a note.

** Petrofac's shares closed 26.4 pct lower on Monday after the company forecast a significantly lower-than-expected profit for 2015.