Berenberg sees strong rebound for U.S. commercial furniture industry

MillerKnoll

12/05/2021 14:04

** Berenberg starts coverage on commercial furniture
companies Herman Miller  MLHR.O , Kimball International  KBAL.O 
and Steelcase  SCS.N  with "buy" rating
    ** Berenberg says the commercial furniture industry is
poised to rebound rapidly from the impact of the COVID-19
pandemic as businesses redesign office layouts and invest in
next-generation furniture
    ** Brokerage believes use of office spaces will return in
the near future; adds healthcare, hospitality and education are
potential furniture markets to drive long-term growth as
pandemic ends
    ** Berenberg says MLHR's retail furniture business will
drive growth, which has increased in the past half-decade from
strategic initiatives, acquisitions, and unique gaming furniture
products
    ** Brokerage says KBAL continues to be well-positioned to
weather short-term headwinds by benefiting from demand increases
in healthcare and consumer spaces; to gain from a developing
e-commerce strategy
    ** Berenberg expects return of office spaces will help SCS's
"strong rebound, as co has focused  on its commercial segment
through research and development R&D and strategic acquisitions
of AMQ, Smith System, and Orangebox"
    ** Brokerage sets MLHR's PT at $62, KBAL's and SCS's PT at
$17 

 (Reporting by Siddarth S)
 ((Siddarth.s@thomsonreuters.com;))