Autoliv (Buy, TP: SEK940.00) - 99 problems but a chip ain’t one
The troubling semiconductor shortage facing the automotive industry is set to drag into H2. However, we believe sector fundamentals remain strong, with a solid demand recovery and restocking need, while Autoliv is set for a continued market outperformance. We reiterate our BUY but have cut our target price to SEK940 (960) after lowering our 2021–2023e adj. EBIT by 4–6%.
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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