Autoliv (Hold, TP: SEK778.00) - Continued risk to guidance
On top of a weak automotive market, Q3 saw the GM strike in North America as well as lower light vehicle production (LVP) outperformance for Autoliv than in previous quarters. We therefore do not expect Q3 to be a very strong quarter for Autoliv, and we also see a risk to the 2019 adj. EBIT margin guidance of 9–9.5% (c9% in our view more likely). We reiterate our HOLD, but have raised our target price to SEK778 (670).
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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