Atlas Copco (Hold, TP: SEK525.00) - Benefiting from chip shortage
We still consider the valuation rich relative to historical averages and peers, but from a fundamental perspective we believe 2021 will be a good year for Atlas Copco, due to: 1) a reversal of the weakness in operating leverage; 2) an improved outlook for Vacuum Technique; and 3) Compressor Technique returning to growth. We reiterate our HOLD but have raised our target price to SEK525 (460).
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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