Assa Abloy (Hold, TP: SEK191.00) - Raw material gap closing fast
Assa Abloy is offsetting raw material cost inflation faster than we expected, and Global Tech reported an impressive Q3. On the flip side, the CEO talked about a slowing European construction market, and Asia-Pacific and Entrance Systems disappointed. We reiterate our HOLD recommendation, while we have raised our target price to SEK191 (189).
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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