MS starts Fortnox with 'underweight' on 'too rich' valuation

Fortnox AB

06/10/2023 09:26

** Morgan Stanley initiates Swedish software company Fortnox
 FNOX.ST  with an "underweight" rating and a target price of SEK
49 
    ** It says the stock's valuation is "too rich" despite the
company's "gold standard track record"
    ** Uncertainty remains on the durability of growth in the
longer term, the broker says, seeing better opportunities
elsewhere
    ** MS still considers Fortnox to be a highly profitable,
fast-growth SaaS company, and is positive on the group's
near-term outlook
    ** The stock is down 5.9% at SEK 52.12 as of 0823 GMT

 (Reporting by Marta Frąckowiak)
 ((marta.frackowiak@thomsonreuters.com))