Kone: Oddo BHF remains positive after results

(CercleFinance.com) - Oddo BHF reaffirms its 'outperform' rating and 53 euro price target on Kone, following second-quarter results 'slightly below consensus expectations, but with a positive surprise on orders'.


According to the analyst, the Finnish elevator manufacturer recognized in this publication that 'the development of the new equipment market in China was worse than expected at the beginning of the year', leading it to refine its 2024 guidance downwards.

However, Oddo BHF believes that 'the modernization segment should be able to play a growth role, replacing China, and this was confirmed in the second quarter, both in terms of orders and sales'.

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