JPM downgrades Schindler on weak margin outlook

Schindler Holding AG

06/12/2024 07:33

** J.P.Morgan downgrades Swiss lift- and escalator maker
Schindler  SCHP.S  to "underweight" from "neutral", seeing
slower margin progress and limited upside
    ** The stock is seen down 2.05% in Julius Baer pre-market
indications
    ** The broker says Schindler has delivered on its
improvement narrative since its management change in January
2022
    ** However, next steps are unclear and likely to be more
challenging as progress slows and markets such as China are
weak, JPM says
    ** JPM adds that its margin estimate is below consensus and
its adjusted EBIT estimate 3% below consensus for 2025
    ** The stock is nudging three-year highs and there are more
attractive opportunities elsewhere in the sector, JPM says

 (Reporting by Bernadette Hogg)
 ((bernadette.hogg@thomsonreuters.com))