'Compelling medium-term equity story': Barclays upgrades Trelleborg to 'overweight'

Trelleborg AB

03/09/2024 12:19

** Barclays upgrades Swedish engineering firm Trelleborg
 TRELb.ST  to "overweight" from "equal weight", cites high
quality business and a "compelling medium-term equity story"
    ** Brokerage also highlights organic growth from key
end-markets, margin expansion, M&A opportunities and buyback
support
    ** "We see improving risk/reward on Trelleborg after a c.9%
share price correction from its peak in early July 24," Barclays
says
    ** Headwinds from muted macro on short-cycles are a key
risk, brokerage says, adding that it regards this as discounted
in the share price
    ** Barclays sets a PT of SEK 470, compared with previous
close of SEK 395
    ** Shares are up 3.2% at SEK 408.60, pare gains after rising
as much as 4.1%

 (Reporting by Tilla Sjaavaag)
 ((tilla.sjaavaag@thomsonreuters.com))