Barclays expects Beijer Ref to show continued resilience in Q3, reiterates 'overweight'
BUZZ-Barclays expects Beijer Ref to show continued resilience in Q3, reiterates 'overweight' ** Barclays expects refrigeration and HVAC solutions maker Beijer Ref BEIJb.ST to continue to demonstrate its earnings resilience in Q3, sticking with its "overweight" rating despite a slightly lower price target
** The Swedish company's exposure to the critical repair and maintenance market will support Q3 results, while the upcoming CEO appointment could offer further reassurance, the broker says
** It expects organic sales growth to accelerate to 3.5% in Q3, vs 0.3% in H1, driven by the unwinding of one-off effects seen in the first half
** However, Barclays estimates Beijer Ref's adjusted Q3 EBITA margin will be 10 bps lower y/y at 11.6%
** It cuts the PT to SEK 170 from SEK 172 to reflect revised result forecasts and FX estimates; the stock closed at SEK 139 on Thursday
** The shares rise nearly 4% and are among the top performers on the pan-European STOXX 600 index .STOXX
** Out of 10 analysts covering Beijer Ref, eight rate it ''strong buy'' or ''buy'', one ''hold'' and one ''sell'', LSEG data shows
(Reporting by Alexander Klyve Gudbrandsen)