Martin Comtesse, an analyst from Jefferies, maintained the Hold rating on Wacker Neuson. The associated price target remains the same with €21.00.
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Martin Comtesse has given his Hold rating due to a combination of factors, including a mixed but overall solid first-quarter performance and limited visibility for the rest of the year. Revenue was broadly stable versus expectations, while operating profit improved markedly, with margins already reaching the mid-point of the company’s full-year 2026 target range despite Q1 being seasonally weaker.
At the same time, cash generation was slightly negative, and operating cash flow declined year over year, indicating that the quality of earnings still needs to improve further. Demand strength is currently concentrated in Europe and compact equipment, while broader construction momentum and stimulus effects have yet to materialize, and rising raw material costs pose a risk for the second half, which, together with unchanged guidance and a steady $21 target price, supports a Hold stance.