09.02.2017

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AT&S confirmed at HOLD, TP EUR 10.70 - Good results foiled by copper and laminate outlook 

Results above expectations, but guidance confirmation heralds pressure in 4Q 16/17e
 
We are cautious on copper and copper foil, where electric vehicle demand might crowd out laminates
 
We confirm our HOLD recommendation at a slightly lower target price of EUR 10.70 (EUR 10.90)
 

 
        
Palfinger:

Palfinger confirmed at BUY, TP EUR 37.5 - Target price raised to EUR 37.5 amid confident 2017 outlook  

We maintain the BUY rating and raise the target price to EUR 37.5 from EUR 33
Palfinger released solid FY 16 results with sales, adjusted EBIT and DPS fully in line with our estimates, whereas stated earnings were below expectations due to higher restructuring charges While the 2017 revenue guidance of further growth was certainly expected, the target to achieve a double-digit operating margin (excl. non-recurring items) was a pleasant surprise
The company flagged a compelling order intake in the Land segment in recent months, heralding strong 1Q 17 figures 
CEO Ortners statement that the loss-making service body unit in the US is about to be divested is good news and should allow for a quick profitability improvement

Companies im Artikel

AT&S

Palfinger

Stefan Maxian (RCB) © C.I.R.A.

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