Citi upgrades lockmaker Assa Abloy on defensive appeal

Assa Abloy AB

28/04/2025 11:35

** Citigroup raises world's biggest lockmaker Assa Abloy ASSAb.ST to "neutral" from "sell," citing its defensive qualities amid uncertain macro environment

** As consensus organic growth expectations have halved since October, the brokerage says its "sell" case has played out

** It points out that Assa Abloy's focus on renovation and replacement projects provides a defensive edge, even in a challenging macro environment

** While the uncertainty affects volume recovery, in Citi's view pricing should improve, as the group looks to pass on higher tariff costs

** Citi's target price on the stock is SEK 280 compared to analysts' median price target of SEK 336.00 as per LSEG data

** Out of 22 analysts that cover Assa Abloy, 11 rate the stock "strong buy" or "buy," ​ten rate it "hold," and one rate the stock "sell" - LSEG

 (Reporting by Agnieszka Olenska)

 ((Agnieszka.Olenska@thomsonreuters.com;))