Exane ups Belimo to 'outperform', cuts Carel to 'neutral' on momentum shift

Carel Industries SpA

05/06/2026 09:24

** Exane BNP Paribas raises Switzerland's Belimo BEAN.S to "outperform" from "neutral" and cuts Italy's Carel CRLI.MI to "neutral" from "outperform", citing a momentum shift between the HVAC equipment makers
** Brokerage says Carel shares have risen about 20% since Q1 results, while growth is expected to peak in Q2 
** Despite the downgrade, Exane lifts Carel's PT by 10% to 34 euros ($39.55), also factoring in M&A potential
** By contrast, Exane expects Belimo's organic growth to reach about 24% in H1, ahead of Carel's roughly 18%
** Says Belimo's direct current solutions, as well as new-build and renovation cycles, should support growth into 2027
** Raises Belimo PT by 53% to 1,070 Swiss Francs  ($1,358.90)
**  All seven analysts covering Carel rate the stock "strong buy" or "buy" - LSEG data
** Of 11 analysts covering Belimo, four rate the stock "buy", five "hold" and two "sell" - LSEG data


($1 = 0.8596 euros)

($1 = 0.7874 Swiss francs)

 (Reporting by Philippe Leroy Beaulieu in Gdansk)
 ((Philippe.leroybeaulieu@tr.com))