Atlas Copco Has Solid Third Quarter, Shares Look Overvalued; Swept Up by Optimisim in Mining Spend
Atlas Copco's third-quarter results indicate that the company is on track to meet our full-year expectations, the company continues to use its innovation to create pricing power and that while still mixed, mining related equipment weakness has troughed. Reflecting this improvement, we have increased our fair value estimate to SEK 212 per share for the local shares and USD 24 per share for the ADR, from SEK 191 and SEK 22 per share, respectively. Even with this increase the shares look signific...
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