Assa Abloy: shares up about 1% after UBS upgrade

(CercleFinance.com) - Shares of Swedish lock maker Assa Abloy are up over 1% on Tuesday after UBS upgraded its rating on the stock from "neutral" to "buy," saying that smart locks could open up a period of strong growth.


"Our UBS Evidence lab study supports our view that Assa Abloy is set to outgrow its end-market disproportionately," the broker wrote in a note sent to clients.

UBS has also raised its target price on the share from 186 Swedish kronor to 200 Swedish kronor.

Assa shares were up 1.1% at 182.9 Swedish kronor in mid-morning trading on Tuesday on the Nasdaq Nordic market after hitting a session high of 183.5 Swedish kronor.

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