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Assa Abloy: shares rise after Deutsche Bank upgrade

( - Shares of the world's largest lock maker, Assa Abloy, rose on Thursday after Deutsche Bank analysts upgraded their rating on the stock from "hold" to "buy," with a new target price of 220 Swedish kronor.

"The shares have underperformed the OMX index by 25% over the past three months and the stock is now one of the few stocks in our universe which trades below its 6-year average historical multiples on our 2021 estimates," Deutsche Bank wrote in a note issued this morning.

The Deutsche Bank team said Assa is now one of the few stocks in its universe that is trading below its six-year average historical multiples on its 2021 estimates, despite a business model and a growth outlook that remain "very attractive".

Assa Abloy shares were up 1.5% in early afternoon trading.

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