Nibe Industrier: Keeps rising after strong Q1 to fresh all-time high
12/05/2021 11:31
** Shares in Swedish heating technology specialist Nibe
Industrier NIBEb.ST rise 5% and hit a fresh record high amid
target price upgrades that follow the company's strong Q1
figures announced on Tuesday urn:newsml:reuters.com:*:nFWN2MX1OS
** The reported sales rise by 7.7% to SEK 6,831 mln and
profit after net financial items jumps by 45.1% to SEK 833 mln
** Nibe has a proven track record of navigating in difficult
environment, benefiting from decentralisation and agile
production, Pareto says, adding it expects continued solid
near-term performance
** The broker, though, keeps its "sell" rating as it
struggles to find fundamental support for the current valuation,
but raises target price by 4% to SEK 245
** Kepler Cheuvreux raises target price by 10% to SEK 320
after Nibe posted Q1 results 9% above the broker's forecast
** The broker says Nibe handled the issue of rising raw
material prices and component shortages well during the quarter
and believes the company will raise prices and continue to
handle raw material and component issues successfully
** Morgan Stanley and Berenberg also raise their target
prices to SEK 246 and SEK 363, respectively
((Aleksandra.Majewska@thomsonreuters.com))