That has moved to 1,240p, implying an around 20% downside potential from the current price of 1,546p.
The cyclical drivers are still weak for the group's power projects business, with slower real GDP (gross domestic product) growth and deteriorating fiscal balances tempering demand for expensive supplementary power rental.
"Lower oil prices are a double-edged sword, improving affordability for some nations, but adversely affecting the public finances of EM energy exporters."
Additions by the group to its capacity for distributed generation (DG) could see the company's addressable market for power projects shrink at a compound annual growth rate (CAGR) of 3% to 2020, notes the broker.
That is far less than the 14% CAGR expansion forecast by Aggreko.
Significant announcements expected:
Companies; Interims, Romgaz (LON:SNGR)
Economic: Europe: EU Consumer Price Index, French GDP. US: Export and Import Price Index, inflation forecasts.