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Investing.com - Berenberg has initiated coverage on Shelly Group SE (BUL:SLYG) with a Buy rating and a price target of EUR70.00 on Tuesday.
The investment firm cited the company’s focus on bringing home automation to the mass market through IoT modules and smart home solutions for both DIY and professional users.
Berenberg highlighted Shelly Group’s significant progress over the past decade in expanding its product range and increasing customer acceptance, which has resulted in steady sales and earnings growth.
The research note emphasized the company’s attractive price-to-value proposition and the currently low but increasing penetration of smart home and building automation solutions in the market.
Berenberg projects strong compound annual growth rates for Shelly Group between 2024 and 2027, forecasting 37% growth in sales and 33% growth in earnings during this period.
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