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Sandvik AB (publ) was recently downgraded to a "sell" rating by UBS Group, despite having a "Strong Buy" rating from other analysts. The company's shares fell 0.7% to $20.06, with a 12-month range of $16.31 to $23.50. In its latest earnings report, Sandvik missed EPS estimates, posting $0.28 against a consensus of $0.30, while revenue reached $2.91 billion.
Shares of Boliden and Sandvik fell after UBS downgraded both companies to "sell," citing company-specific challenges and sector-wide issues. Boliden's rating was cut due to declining metal grades and potential capital expenditure overruns, with a target price reduced to SEK 300. Sandvik faces pressure from weak demand in its metal cutting division and exposure to the automotive industry's shift to electric vehicles, leading to a target price cut to SEK 200 and lowered earnings estimates for 2024 and 2025.
UBS has downgraded Sandvik to a Sell rating, reducing the price target from SEK 230 to SEK 200, citing an unaccounted structural decline in the Advanced Metal Cutting (SMM) segment, which constitutes 40% of the company's sales. The downgrade follows disappointing Q3 results that revealed declining volumes and weaker margins in the SMM business, prompting UBS to lower its adjusted EBITA estimates for 2024 and 2025 by 3.2% and 8.8%, respectively.
UBS has downgraded Sandvik to Sell, citing an unpriced potential structural decline in its Advanced Metal Cutting (SMM) segment, which constitutes 40% of sales. The new price target is SEK 200, down from SEK 230, following Q3 results that revealed declining volumes and weaker margins. Adjusted EBITA estimates for 2024 and 2025 have been reduced by 3.2% and 8.8%, respectively.
UBS has downgraded Sandvik AB from Neutral to Sell, lowering the price target to SEK200 due to concerns over declining volumes in its metal cutting business, which impacts margins. Meanwhile, Deutsche Bank raised its target to SEK238, citing strong demand in mining, while BofA Securities downgraded to Underperform with a target of SEK192, highlighting valuation concerns. Sandvik's recent revenue decline and EBITDA outlook reflect ongoing challenges, despite a solid gross profit margin and dividend yield.
UBS has downgraded Sandvik AB to a sell rating, reducing the target price from SEK 230 to SEK 200. Sandvik is a leading global manufacturer of machines and industrial tools, with net sales primarily from mining and infrastructure (50.6%) and cutting tools (40.9%). Geographically, sales are concentrated in North America (24.8%) and Europe (24.7%).
Sandvik AB (publ)
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