Atlas Copco (Hold, TP: SEK305.00) - Reasonable expectations for Q2
We expect the Q2 results to slightly exceed consensus as our estimated order intake and EBIT are 2% and 4% above consensus, respectively. In a low-growth environment we believe that the market will continue to appreciate Atlas Copco’s defensive characteristics, structural growth drivers, strong after-market growth, and M&A agenda. However, at current levels we believe this is priced in and we reiterate our HOLD and SEK305 target price.
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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