Yubico (Buy, TP: SEK275.00) - Second noisy quarter in a row
We see Yubico as a continued beneficiary in this heightened cybersecurity threat landscape. The short-term momentum of our thesis has come down amid tougher comparables and a higher burden of proof, while we expect soft Q1 results. For investors willing to look beyond the short-term noise, we believe most negatives are factored in (it is the fifth-most shorted stock on the Stockholm Main Market), and we expect it to reverse the bearish sentiment in 2025. We reiterate our BUY, but have cut our target price to SEK275 (310).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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