Atlas Copco (Buy, TP: SEK280.00) - Semiconductors worries overdone
We have upgraded Atlas Copco to BUY (HOLD) and raised our target price to SEK280 (264). Atlas Copco is the worst-performing Swedish industrial stock YTD, in our view on concerns about semiconductor capex. In light of Samsung’s large investment programme and Atlas Copco’s lowered guidance for Q3 semiconductor equipment demand now being priced in, we consider this is an attractive entry point. Also, we believe the balance sheet is solid and potential M&A and extraordinary dividends could be share price catalysts.
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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