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Electrolux: Credit Suisse confirms 'Outperform' rating

( - Credit Suisse confirms its Outperform rating on the Electrolux share, along with its target price of 215 Swedish kronor.

"We reduce our 2020 and 2021 estimates by 50% and 17% respectively to reflect COVID-19 and FX headwinds this year with only partial FX mitigation in 2021," Crédit Suisse says.

"With June sales bouncing back to be up yoy, FX headwinds abating and cost savings ramping up (helped further by Andersson ramp up execution), we expect the H2 profitability to improve to c5%".

"For 2021, we expect 4.8% margin overall as we expect non-repeat of COVID-related shutdowns and no further FX deterioration while further re-engineering cost savings flow," the analyst added.

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