Kone: Oddo BHF remains positive after results
(CercleFinance.com) - Oddo BHF has confirmed its outperform rating on and E53 target price for Kone shares, following Q2 results that were slightly below consensus expectations, albeit with a positive surprise on orders.
The analyst says the Finnish lift manufacturer acknowledged in this publication that the development of the new equipment market in China was worse than it had expected at the start of the year, leading it to lower its 2024 guidance.
However, Oddo BHF believes that the modernisation segment should be able to play a growth role, replacing China, and this was confirmed in Q2; both in terms of orders and sales.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The analyst says the Finnish lift manufacturer acknowledged in this publication that the development of the new equipment market in China was worse than it had expected at the start of the year, leading it to lower its 2024 guidance.
However, Oddo BHF believes that the modernisation segment should be able to play a growth role, replacing China, and this was confirmed in Q2; both in terms of orders and sales.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.