Autoliv (Buy, TP: SEK1270.00) - Relief rally
Although Q3 sales and adj. EBIT were just 1% above consensus, the report was a positive surprise that led to a relief rally in the stock price. Key positives were that the 2024 margin guidance was not cut to the extent investors had feared and that the company said it was increasing its market share with local Chinese OEMs. We reiterate our BUY and have raised our target price to SEK1,270 (1,210) following our 4–2% increase in adj. EBIT for 2024–2026e.
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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