Kone: Liberum downgrade 'buy' rating

(CercleFinance.com) - Liberum has downgraded its recommendation on the Kone share from "buy" to "hold," pointing out that the Finnish lift manufacturer's share price has risen above its target price, which it maintains at 58 euros.


The broker points out that the stock is now trading at record valuation multiples. "While it could be argued that its relative earnings security warrants such a premium in this environment, we see limited scope for a further re-rating from these levels," it says.

"However, we continue to see Kone as best placed in the sector to combat COVID-19 - as it demonstrated in its Q1 results - due to its resilient service business and its exposure to both construction and a recovering China," the broker adds.


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