Soft growth prospects, limited upside - Bernstein initiates Krones

Krones AG

23/09/2026 10:18

** Bernstein initiates coverage of Germany's Krones KRNG.DE at "market perform", citing soft medium-term growth prospects and limited upside
** It says the bottling machinery maker's 2027 revenue and order outlook is likely to be weak as beverage producers and bottlers' spending slows down, particularly in Asia-Pacific
** Bernstein expects 2027 order growth of less than 2% y/y, which is around 4% below consensus estimates
** It also estimates Krones is likely to miss its 2028 revenue target of about €7 billion by roughly 13%
** It says shares at about 11x 2027 P/E are close to the fair value -- sets PT at €111
** The stock is down about 20% YTD and Bernstein says it's too early for a potential re-rating
** Krones slips 2.3% to €109.2 
** Out of 14 analysts covering Krones, 11 rate it "strong buy" or "buy", ​two "hold" and one "strong sell"​​  -- LSEG data

(Reporting by Aleksandra Kret in Gdansk)
((aleksandra.kret@thomsonreuters.com))