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'.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses published by Cercle Finance are intended solely as decision-making aids for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.