Veoneer (Buy, TP: SEK300.00) - Inflection point Arriving
Veoneer should benefit short-term from the 2021 LVP rebound with key launches on track while the long-term narrative becomes more appealing with its Qualcomm partnership. We have raised our target price to SEK300 (245) and reiterate our BUY: we expect a 20%+ medium-term organic growth phase, as we are in the early stages of the L2+ ADAS industry mass rollout, which we believe could spark a shift in perception and potentially multiples expansion for the stock.
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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