Epiroc (Buy, TP: SEK230.00) - BUY at rare entry point
We have upgraded Epiroc to BUY (HOLD) and raised our target price to SEK230 (200). We believe investor concerns are overdone following a weak Q3 and Sandvik’s CMD indicating that Epiroc could be lagging behind in electrification, digitalisation and automation. We view Epiroc as one of the most attractive stories in the sector given strong underlying demand growth along with several structural trends that benefit the company. We believe Epiroc’s share-price performance YTD presents a rare entry opportunity.
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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