Hold Rating for Carel Industries SpA Amid Strong Sales Growth and Refrigeration Segment Challenges

Mediobanca analyst Alessandro Tortora has maintained their neutral stance on CIG stock, giving a Hold rating on August 2.

Alessandro Tortora has given his Hold rating due to a combination of factors influencing Carel Industries SpA’s performance. The company reported a solid 11% organic growth in sales for the second quarter of 2025, driven by strong performance in the HVAC segment and regional improvements in North America and APAC. However, the refrigeration segment underperformed due to postponed projects in Europe, which has impacted overall growth potential.
Despite the positive outlook for the third quarter, with expected sales growth ranging from high single-digit to low double-digit, challenges remain. The company’s EBITDA margin is projected to improve, but currency fluctuations and specific market conditions, particularly in the refrigeration sector, pose risks. The neutral rating is supported by the alignment of the company’s performance with expectations and the potential for future growth if the refrigeration business rebounds and M&A strategies are successfully executed.

In another report released on August 2, TR | OpenAI – 4o also downgraded the stock to a Hold with a €23.50 price target.