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Anthony Dick ... (+2)
  • Anthony Dick
  • Michael Foundoukidis
Anthony Dick ... (+2)
  • Anthony Dick
  • Michael Foundoukidis
Anthony Dick ... (+2)
  • Anthony Dick
  • Michael Foundoukidis
Anthony Dick ... (+2)
  • Anthony Dick
  • Michael Foundoukidis
Miika Ihamaki
  • Miika Ihamaki

Nokian Tyres (Hold, TP: EUR6.30) - No clear road

While we acknowledge Nokian Tyres’ ‘local-to-local’ approach in the US may shelter it from worst tariff impacts, we believe increased uncertainty on consumer sentiment in North America could lead to weaker demand for its high-value premium range in the short term, raising the risk of fixed-cost under-absorption and partly offsetting potentially better EBIT drop-through from Romania (Q2 onwards). We reiterate our HOLD, but have cut our target price to EUR6.3 (6.7), following a c9% clean EBIT cut ...

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