Hexpol (Hold, TP: SEK91.00) - Price pressure waning
We have upgraded Hexpol to HOLD (SELL) with a new target price of SEK91 (72), as price pressure seems to be easing more quickly than we had assumed. We still believe Hexpol will struggle to live up to its M&A track record and that an unfavourable geographical mix-shift will remain an issue; however, we believe the downside in the shares has decreased, as the company is likely to benefit from a better pricing environment.
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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