Belimo price target raised to CHF 598 from CHF 498 at Jefferies

Jefferies raised the firm’s price target on Belimo to CHF 598 from CHF 498 and keeps a Buy rating on the shares. The firm upgraded estimates on the back of “strong” first half results and the subsequent guidance raise as the firm considers main drivers to be sustainable over the medium-term. Whilst the print is not just a testament for Belimo’s growth and earnings quality, the firm sees potential for further upgrades once the construction cycle picks up on a broader base.