Analyst Constantin Hesse of Jefferies maintained a Buy rating on Kardex AG, with a price target of CHF360.00.
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Constantin Hesse has given his Buy rating due to a combination of factors, notably Kardex’s robust profitability and exceptionally strong order momentum in the second half of 2025. Even though revenue slightly undershot expectations, operating earnings were broadly in line and adjusted net income surpassed consensus, underscoring solid underlying performance despite acquisition-related effects.
In addition, order intake surged nearly 30%, materially outpacing forecasts, with both AutoStore and Mlog contributing meaningfully, and the company maintaining a strong net cash position. Management’s outlook points to growth in 2026 that should exceed its medium-term targets and current consensus, suggesting potential estimate upgrades, while the recent share price pullback versus peers enhances the stock’s risk‑reward profile.