Real estate and investment firm Lundbergs has seen its price targets hiked by Handelsbanken and Pareto Securities following the release of its first-quarter results.
Handelsbanken raised its target to SEK 640 (from 600), reflecting an expected annual asset growth of 10 percent, net of debt and adjusted for a 5 percent investment company discount.
The bank maintains its Buy recommendation on Lundbergs.
'The combination of Buy ratings on 62 percent of the listed portfolio assets and a historically high investment company discount of 13 percent underpins our continued positive outlook on the Lundbergs share', the bank stated.
Pareto Securities increased its price target to SEK 558 (from 554) while reiterating its Hold recommendation.
'We remain cautious given the limited upside for the PAS-covered companies within the listed portfolio (representing 64 percent of total market value), coupled with a discount on the unlisted real estate portfolio that aligns with the industry average', the research house noted.
L E Lundbergforetagen AB (publ) is a Sweden-based investment company. The Company is engaged in the management and development of a number of companies, by means of active and long-term ownership. Its investment portfolio includes the wholly owned unlisted real estate company, Fastighets AB L E Lundberg, and the publicly traded subsidiaries, Holmen and Hufvudstaden. The Company also has major shareholdings in Handelsbanken, Husqvarna, Industrivarden, Indutrade and Sandvik, as well as held shares in Skanska. Additionally, the Company operates a wholly owned subsidiary, L E Lundberg Kapitalforvaltning AB, which is engaged in securities trading.
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