Berenberg cuts Beijer Ref to 'hold' on limited valuation upside

Beijer Ref AB (publ)

13/05/2024 08:58

** Berenberg cuts Beijer Ref  BEIJb.ST  to "hold" from
"buy", saying the Swedish refrigeration wholesaler has caught up
with the broker's PT, leaving little upside
    ** The stock has been having a "strong run" of about 70%
since October, Berenberg says
    ** Shares are down 2.4% at SEK 164.4 
    ** The broker says that while comparables are easier in Q2, 
potential for organic growth in 2024 is still limited, and it
expects a 1.5% full year organic growth, slightly below
consensus 
    ** It also forecasts higher financial expenses, noting that
the strong cash flow in Q1 was driven by controlled inventory
build-up, which may result in shortage
    ** Out of eight analysts covering Beijer Ref, four rate the
stock "buy" or "strong buy", three it "hold" and one rates it
"sell"
    

 (Reporting by Anna Chaberska)
 ((Anna.chaberska@thomsonreuters.com))