Atlas Copco (Hold, TP: SEK305.00) - Time for a breather
It has been our view that sentiment for Atlas Copco’s semiconductor exposure will turn positive in 2019, and investor focus shift to Atlas Copco’s good qualities: its defensive nature, structural growth drivers, strong after-market growth, and M&A agenda. However, after recent strong share price performance and a 20% premium valuation versus its historical EV/EBIT multiples, we believe this is now priced in. Thus we have lowered our recommendation to HOLD (BUY) with a SEK305 (290) 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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