(News Bulletin 247) – UBS reiterates its advice to buy the stock with a target of 700 E following the announcement of net orders falling to 3.75 billion euros in the first quarter of 2023, against 6.32 billion in the last quarter of 2022.
Q1 EBIT is 16% above consensus, while Q2 EBIT guidance is in line with consensus. First half EBIT was 8% above consensus and guidance for the fiscal year was reiterated. We expect minor changes from consensus for fiscal year 23,’ UBS said.
“We leave our estimates broadly unchanged and we analyze the order book in more detail, suggesting strong demand in Europe and China,” adds the analysis office.
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