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Sweden’s largest bank, SEB AB, reported a 9.7% decline in net interest income for the third quarter, totaling 11.06 billion kronor ($1 billion), falling short of analysts' expectations of 11.31 billion kronor. The drop is attributed to the impact of central banks' interest-rate cuts on the bank's lending profits.
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 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 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 Boliden AB from Neutral to Sell, setting a price target of SEK 300.00, citing company-specific challenges despite a recent 20% share price increase driven by a market rally in industrial metals. Key concerns include lower ore grades at Aitik and Garpenberg mines, uncertainties surrounding the Kevitsa mine, and reduced Treatment and Refining Charges in smelting operations. UBS warns that the market may not fully recognize the earnings pressures Boliden could face in 2025, suggesting the recent price rally is an opportunity to reconsider a Sell position.
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 reduced its price target for EQT to SEK 285 from SEK 300, maintaining a "sell" rating. EQT AB, a global investment company based in Sweden, operates in three segments: Private Capital, Real Assets, and Credit, focusing on diverse investments across various sectors and regions.
UBS has reduced its target price for EQT to SEK 285 from SEK 300, maintaining a "sell" rating. EQT AB, a Sweden-based global investment company, operates through three segments: Private Capital, Real Assets, and Credit, focusing on diverse investments across various regions and sectors.
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%).
UBS has downgraded Boliden AB to a Sell rating while maintaining a price target of SEK 300. As the third largest zinc and copper producer in Europe, Boliden is involved in metal casting, refining, and recycling, with net sales primarily from metal production (98.3%) and extraction (1.7%). The company operates five mines across Sweden, Finland, and Ireland, with significant sales in Germany (19.4%) and the UK (18.6%).
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
seb reports lower than expected lending profit amid interest rate cuts
07:16 24.10.2024
UBS downgrades Boliden and Sandvik amid sector challenges and company risks
15:25 23.10.2024
ubs downgrades sandvik to sell amid concerns over advanced metal cutting decline
14:22 23.10.2024
ubs downgrades sandvik to sell amid concerns over advanced metal cutting decline
14:22 23.10.2024
ubs downgrades boliden stock citing earnings pressures and company challenges
10:52 23.10.2024
sandvik stock downgraded by ubS amid declining ebitda and volume challenges
10:20 23.10.2024
ubs lowers eqt price target to sek 285 maintains sell rating
09:59 23.10.2024
ubs lowers eqt target price to sek 285 maintains sell rating
09:59 23.10.2024
ubs downgrades sandvik to sell with target price set at sek 200
09:59 23.10.2024
ubs downgrades boliden to sell with price target of sek 300
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09:58 23.10.2024
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