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Sika: UBS still on hold

( - UBS believes that Q1 sales were slightly higher than expected thanks to improved biological products.

The analyst confirms his neutral rating on the stock with an unchanged target price of 315 Swiss francs.

Sika reported a 21.9% increase in sales to 2,398.2 million Swiss francs, from last year's 1,998.6 million Swiss francs.

Sika aims to grow by 6% to 8% per annum in local currencies until 2023. From 2021 onwards, the company is targeting an EBIT margin of between 15% and 18%. For FY 2022, Sika expects sales to increase by over 10% in local currencies - exceeding the 10 billion Swiss franc threshold for the first time.

"Dynamic growth in Americas was the main driver behind the Q122 growth," UBS adds.

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