BofA sees European industrials recovery 'delayed rather than derailed'
** BofA Global Research expects the short-cycle recovery in the European industrials sector to be delayed by higher energy prices and supply chain fragility tied to the war in Iran ** The broker expects Q2 industrial production to decelerate and capex decisions to be delayed ** BofA downgrades Swedish bearings maker SKF SKFb.ST to "underperform" from "buy", citing its high sensitivity to industrial production and auto exposure alongside potential margin impacts from higher steel prices ** The brokerage upgrades German braking systems maker Knorr-Bremse KBX.DE to "buy" from "neutral" noting the resilience of its rail business in the current market environment
| COMPANY | NEW RATING | OLD RATING |
| Atlas Copco ATCOa.ST | buy | -- |
| Daimler Truck DTGGe.DE | buy | -- |
| Kion KGX.DE | buy | -- |
| Knorr-Bremse | buy | neutral |
| Volvo VOLVb.ST | buy | -- |
| Weir WEIR.L | buy | -- |
| Metso METSO.HE | neutral | -- |
| FLSmidth FLS.CO | neutral | -- |
| Sandvik SAND.ST | neutral | -- |
| Epiroc EPIRa.ST | underperform | -- |
| SKF | underperform | buy |
| Traton 8TRA.DE | underperform | -- |
| Trelleborg TRELb.ST | underperform | -- |
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