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SKF: shares up slightly on broker comments.

(CercleFinance.com) - Shares in Sweden's SKF, a maker of industrial bearings, are up on Monday, with a broker upgrading the stock due to its cheap valuation.

Barclays Capital analysts upgraded SKF to "equal weight" and lifted their target price from 155 Swedish kronor to 190 Swedish kronor.

While the broker says that it is still cautious towards the bearing industry and the structural challenges ahead, BarCap notes that SKF's valuation is currently close to a 15-year low relative to its sector.

"That makes the near-term risk/reward look skewed to the upside," it added.

Shares in SKF, which have slightly trailed Stockholm's OMX index this year, are currently up 0.2% at 186.7 Swedish kronor.

SKF will publish its third-quarter results tomorrow.

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