Solid Q2, short-term overreaction

Q2 revenues and margins beat our estimates and consensus. We have raised our 2017–2019e EPS by c3% following the report. Moving deeper into the low season we expect greater focus on margin sustainability, slowing price/mix growth, and the fading FX tailwind weighing on the shares. We reiterate our SELL recommendation but have raised our target price to SEK308 (276).