LONDON, November 28 (newratings.com) - Analysts at Kaupthing Bank downgrade Lindab AB (Stockholm:
LIAB.ST -
news) (ticker: L5E) from "buy"
to "neutral," while reducing their estimates for the company. The target price has been reduced from SEK60 to SEK57.
In a research note published this morning, the analysts mention that the company's share price has appreciated significantly in the recent past. Lindab's sales have fallen by about 5%-10% so far in 4Q, as compared to a 3% decline expected previously, the analysts say. Construction activity has fallen very rapidly over the recent past, Kaupthing Bank adds. The adjusted EPS estimates for 2008 and 2009 have been reduced by 2% and 10%, respectively.
© 2008 New Ratings
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