Atlas Copco (Hold, TP: SEK305.00) - Stable, on a high level
Stable, on a high level We believe Atlas Copco’s Q2 report offers more reason for confidence that the company is entering a low-growth environment rather than suffering a sudden fall in demand. Management expects slightly lower customer activity in Q3; however, we expect organic order-intake growth to improve to 5% in Q3 from 2% in Q2 as comparables become easier sequentially. We still believe that Atlas Copco is well placed to generate good growth in a low-growth environment; however, at the current share price we believe this is priced in and 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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