Atlas Copco (Hold, TP: SEK264.00) - Key to start reduce backlog
We reiterate our HOLD recommendation on Atlas Copco and have lowered our target price to SEK264 (274). After recent share price declines, valuation multiples now look more appealing as Atlas Copco is now trading at a 9% discount versus its most recent 5-year average valuation. We would like to see evidence that Atlas Copco ramps up production in Vacuum and Compressor Technique towards the current strong order intake before becoming more constructive. Results are due at 12:00 CET on 20 July.
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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