Jefferies downgraded Sandvik (SDVKY) to Hold from Buy with a price target of SEK 290, up from SEK 260. The firm downgraded three names in the European capital goods space as part of its 2026 outlook. The short-cycle recovery trade is set to underwhelm,” the analyst tells investors in a research note. Jefferies says the short-cycle trade fueled by Germany’s spending plan last year “looks set to disappoint again.” Consensus estimates have volumes accelerating but underlying data remains weak, contends the firm.
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