Thule: Buy Rating Backed by Q4 Outperformance, Margin Expansion, and Emerging North American Recovery Catalysts

Adela Dashian, an analyst from Jefferies, maintained the Buy rating on Thule Group AB. The associated price target is SEK290.00.

Adela Dashian has given his Buy rating due to a combination of factors tied to Thule’s stronger‑than‑expected fourth‑quarter performance and improving profitability. The company exceeded market forecasts on both revenue and EBIT, with margins expanding on the back of a richer product mix, disciplined pricing, and operational efficiencies that lifted gross margin meaningfully year on year.

Adela Dashian’s rating is based on the view that resilient European demand, led by robust RV Products and solid Sport & Cargo Carriers, offsets lingering softness in North America, where trends are nonetheless gradually improving. With evidence of strict cost control, better‑than‑anticipated earnings, and clear upcoming catalysts around North American normalization and retailer restocking, she sees scope for further share price appreciation, supporting a Buy recommendation.

Dashian covers the Industrials sector, focusing on stocks such as Munters Group AB, AFRY AB Class B, and Systemair AB. According to TipRanks, Dashian has an average return of 4.6% and a 46.88% success rate on recommended stocks.