Atlantic Grupa cut to HOLD, TP HRK 1,592 - Troubles with rising input costs
We expect decent sales growth in FY 21e, however below the guidance, as we cannot exclude the possibility of tightening of restrictions in autumnIn the current and the next two years, we expect a deterioration of profit margins due to elevated input prices
We believe most of the pros are already priced in and we downgrade the stock from BUY to HOLD
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