Epiroc (Buy, TP: SEK230.00) - Q1 sends a positive vibe
We reiterate our BUY and have lifted our target price to SEK230 (220) after raising our 2022–2023e adj. EBIT by 5–3%. Q1’s strong order intake and adj. EBIT margin plus Epiroc’s positive comments support our positive long-term view while also reducing the downside risk to margins from cost inflation in the near term, we believe.
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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