(CercleFinance.com) – Jefferies downgraded its recommendation on the Assa Abloy stock on Friday, bringing it back from ‘buy’ to ‘hold’ with a price target lowered from 295 to 250 Swedish crowns.
In a research note, the American broker points out that the Swedish locks and locks manufacturer’s residential security business – which represents 25% of its turnover – has benefited from the favorable trend which has carried renovation projects. of the house during the confinements of 2020 and 2021, an effect which is now tending to normalize.
As for non-residential activities, which generate 75% of turnover, Jefferies notes that they are mainly related to the replacement of parts and maintenance, an element that the broker considers not very encouraging given the low use of professional buildings. since the health crisis.
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