Kepler Cheuvreux ups NKT to 'hold' on share price correction
BUZZ-Kepler Cheuvreux ups NKT to 'hold' on share price correction ** Kepler Cheuvreux upgrades Danish cable manufacturer NKT NKT.CO to "hold" from "reduce" as a recent share price correction has brought the stock much closer to the broker's revised fair value estimate
** "The c.23% correction from the May peak has improved the risk/reward," Kepler adds
** The broker also raises its price target by 14.7% to DKK 895 ($135.9)
** It lifts its long-term earnings estimates following the company's investor day, held on Tuesday, which confirmed its 2030 ambitions
** However, the broker models NKT's 2030 EBITDA at €859 million ($974.6 million), staying below the company target of over €900 million, due to conservative margin estimates
** Kepler says NKT's transmission division backlog of €13 billion remains the key anchor for earnings visibility with projects extending beyond 2030
** Shares in NKT edge up 1.5%
($1 = 6.5846 Danish crowns)
($1 = 0.8814 euros)
(Reporting by Vera Dvorakova)