Atlas Copco (Sell, TP: SEK310.00) - H2 recovery expectations overdone
Long-term, we believe Atlas Copco is well placed for good growth in a low-growth environment. However, medium-term, we see a risk of weak order intake from lower global demand and tough comparables for large gas and process compressors in Compressor Technique (CT). In addition, in 2019, excluding FX tailwind, EBIT growth has been muted, despite decent organic growth. Given high relative and absolute valuations, we reiterate our SELL and SEK310 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.