Kone: Jefferies reiterates Buy rating on the stock

(CercleFinance.com) - Jefferies maintains its Buy rating on Kone shares, with an unchanged target price of E58 (cp: E47, -0.
4%), representing around 25% upside potential.

The analyst reports that Kone's CFO discussed changes in the group's earnings drivers. For example, the share of revenues from China is now around 17%, compared with 35% previously.

80% of Kone's profits are now linked to equipment maintenance and modernization operations. In addition, margins on orders remain robust, offering prospects for future improvement, the analyst says.

As facilities age, we expect modernization opportunities to take the forefront, says Jefferies in essence.


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