CGGVeritas (GA), the world’s largest seismic surveyor, was rated “overweight” as JPMorgan Chase & Co. initiated coverage.

JPMorgan set a target price of 12.50 euros for December, London-based analyst Amy Wong said today in a note to clients. The “balance sheet looks well capitalized,” while the company should also benefit from past acquisitions between 2001 and 2008, JPMorgan said.

The shares gained 3.4 percent to 9.83 euros as of 9:43 a.m. in Paris trading.

To contact the reporter on this story: Lars Paulsson in London at lpaulsson@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net