Atlas Copco (Buy, TP: SEK260.00) - Growing its service business
Following Atlas Copco’s Q4 report, we reiterate our BUY recommendation and have raised our target price to SEK260 (250) on a higher forecast. We continue to believe that sentiment for Atlas Copco’s semiconductor exposure should turn positive in 2019 and investor focus should instead shift to Atlas Copco’s qualities with defensive, structural growth drivers, a strong growing after-market, and an M&A agenda.
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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