FLSmidth jumps as BofA ups it to 'buy'

FLSmidth & Co. A/S

29/11/2024 09:56

** Shares in FLSmidth  FLS.CO  are up 3.2%, with Nordnet
analyst Per Hansen pointing to BofA Global Research upgrading
the Danish industrial group to "buy" from "underperform" 
    ** BofA expects the group's aftermarket mining demand to
remain robust in Q4 2024, and sees further growth from potential
M&A thanks to its low leverage
    ** It says the divestment of FLSmidth's cement business
should support margin improvements in 2025
    ** It also sees potential demand inflection for original
equipment in late 2025 
    ** BofA raises its PT by 30% to DKK 450 vs DKK 380.80 at
Thursday's close
    ** The stock pares gains after rising as much as 5% to June
highs 
    ** Including Friday's rise, the stock has gained 36.8% YTD

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