(News Bulletin 247) – Oddo BHF downgrades its opinion of ‘outperformance’ to ‘neutral’ on Assa Abloy, with a price target reduced from 296 to 274 Swedish crowns, on estimates revised downwards for the solution provider door openings.
If he considers that ‘the group’s best-in-class status remains an asset in this period of low visibility’, the design office thinks that it should logically speak cautiously, the very activity of Assa Abloy making visibility poor.
‘Furthermore, demand for residential construction is showing a fairly sharp downturn, especially in new construction, and we believe that part of commercial activity should also be under pressure’, he continues.
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