Hufvudstaden (Hold, TP: SEK120.00) - The market has spoken
In line with the market sell-off, we also fear lower NAV on rising interest rates. We are also concerned about luxury spending, as new mortgage amortisation rules are set to reduce consumer wallets. However, after the sell-off we find the short-term downside has been taken out, and have upgraded our recommendation to HOLD (Sell). We have cut our target price to SEK120 (130) on increased yield forecasts.
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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