Landis+Gyr: Buy Rating Reaffirmed as Solid Execution Supports Long-Term Growth; $75 Price Target Maintained

TD Cowen analyst Jeff Osborne maintained a Buy rating on Landis+Gyr Group AG today and set a price target of CHF75.00.

Jeff Osborne has given his Buy rating due to a combination of factors including resilient fundamentals and attractive long‑term growth visibility despite a softer near‑term outlook. He notes that Landis+Gyr’s FY26–FY28 revenue guide for mid‑single‑digit growth is underpinned by a sizable, largely software‑driven backlog, with EBITDA expected to expand at roughly twice the pace of sales as mix shifts and operating leverage improve.

Osborne also highlights solid execution in FY25, where results came in at the high end of guidance and margins expanded, particularly in the Americas, validating the company’s strategy and product positioning. While the FY26 revenue guide is below consensus due to a temporary lull between the National Grid roll‑off and the ramp of a $700 million Canadian contract, he views this as a timing issue rather than a demand problem, keeping his positive stance and maintaining his $75 price target unchanged.