Atlas Copco (Sell, TP: SEK340.00) - Strong performance from CT
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 weaker order intake than consensus, due to lower global demand and tough comparables. EBIT growth excluding the impact of a weak SEK and M&A in 2019 was limited, despite decent organic growth. Given high relative and absolute valuations, we reiterate our SELL and SEK340 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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