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Investing.com - Jefferies raised its price target on Skanska AB (STO:SKAB) to SEK240.00 from SEK235.00 on Friday, while maintaining a Hold rating on the stock.
The research firm cited a stabilizing second quarter for the construction and development company, noting that downside risks appear less pronounced than before.
Jefferies acknowledged that significant portions of Skanska’s business continue to face challenges, particularly in U.S. commercial real estate and Nordic residential markets, but indicated these areas are not deteriorating further.
The firm observed improving prospects in other segments of Skanska’s operations, though it stopped short of adopting a more bullish stance given the current valuation.
Jefferies explained that without a clear turnaround in challenged end markets, it remains difficult to upgrade the stock, which is still trading above recent lows.
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