GS starts Nibe with 'sell,' says street's expectations too high
17/04/2024 08:46
** Goldman Sachs initiates Nibe NIBEb.ST with "sell" as it
warns of continuous hurdles in the European market for the
troubled Swedish heat pump maker
** Though challenged growth outlook in Europe has pushed
consensus expectations downwards, GS views analysts' estimates
on growth and outlook as still too high
** The broker forecasts 2024/25 sales 2/4% below consensus,
citing its cautious outlook on Nibe's Element and Stoves
businesses
** Nibe said in February it expected a weak first half of
2024 as a slowdown in the construction sector had weighed on
demand for heat pumps
** GS sets TP at SEK 43, while Nibe shares slide 2.5% in
morning trade on Tuesday to SEK 48 and are down 32% year to date
(Reporting by Boleslaw Lasocki)
((boleslaw.lasocki@thomsonreuters.com; +48 58 769 66 00;))