Citi ups Epiroc to 'buy' on growth revival

Epiroc AB

17/12/2024 09:23

** Citigroup upgrades Epiroc  EPIRa.ST  to "buy" from "hold,"
seeing the Swedish mining and construction equipment maker as
set for an EPS growth revival 
    ** The brokerage notes the stock's sharp de-rating over the
past two years on growth and margin concerns, and hikes TP by
about 10% to SEK 240, a tad above the shares' January 2022 highs
    ** Citi expects accelerated copper production, especially in
South America, to drive growth and margins in the group's
Equipment & Service segment 
    ** Stabilisation in the construction sector, which
constitutes 25% of Epiroc' sales, with bottoming construction
markets should bolster original equipment growth, it also says 
    ** Out of 23 analysts covering Epiroc, six rate the stock
"strong buy" or "buy,"​ 13 "hold" and four​ "sell"

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