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Alfa Laval: UBS maintains 'neutral' rating after CMD

( - UBS on Thursday maintained its "neutral" rating on Alfa Laval, seeing the Swedish engineering group's capital markets day yesterday as a "good start" heading in the "right direction.

In a note to clients, the broker wrote that hopes were likely too high into the event, while poiting out that the company mentioned different options to optimise its capital structure, including a share buyback.

"For now the perception could remain one of a company that is highly complex and diversified and mostly driven by cycles in marine and oil & gas," UBS said.

"With this, the stock could still do well as people get more optimistic on the marine cycle/value stocks but this would not be a sustainable perception change in our view," it added, while sticking to its target price of 221 Swedish kronor for the stock.

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