Assa Abloy: Berenberg upgrades stock

(CercleFinance.com) - On Thursday analysts at Berenberg upgraded Assa Abloy shares to "buy" (from "hold"), while increasing their corresponding target price 305 Swedish kronor (from 280 Swedish kronor).


In a report, the German broker explains that it considers the world leading locksmith to be "well positioned" to generate strong earnings growth in 2022 and 2023.

Berenberg says it has identified three positive catalysts, starting with the acquisition of US-based HHI in the field of smart doors.

The broker also says it expects an acceleration of the Global Technologies business, Assa's electronic security solutions division, which has been dogged by the pandemic.

Finally, Berenberg adds that it sees interesting growth potential in the group's strategic activities relating to so-called "non-residential" construction (industry, offices, hotels, etc.)


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