Assa Abloy (Hold, TP: SEK185.00) - Wind of change
We upgrade Assa Abloy to HOLD from SELL after hearing an enthusiastic Nico Delvaux present his first quarter as CEO say he want to accelerate M&A and is not planning any big strategic changes. We have raised our target price to SEK185 (160) on valuation as we assess the overall risk lowered and the potential for positive triggers from acquisitions increased.
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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