GS says weak China to keep weighing on Europe's liftmakers, downgrades Schindler
** Goldman Sachs downgrades Swiss liftmaker Schindler SCHP.S to "sell" from "neutral", citing weakness in China and a delayed recovery in EU and U.S. markets as rate cuts drag out
** The broker cuts its 2025 and 2026 forecasts for Schindler's EBIT by 2%, noting its China team recently cut its forecast for gross floor area construction starts by 22%
** GS maintains "sell" on Finnish competitor Kone KNEBV.HE and says declining new construction starts in China will hit its revenue
** It also flags concerns over peers' commentary on pricing in China, which suggests Kone's recent market share wins in the country have come at the expense of margins
** It cuts 2024 EBIT forecast for Kone by about 6%
COMPANY | RATING | OLD RATING | PT (12m) | OLD PT (12m) |
---|---|---|---|---|
Schindler | "sell" | "neutral" | 210 Swiss francs | 206 Swiss francs |
Kone | "sell" | n/a | 38 euros | 40 euros |
Reporting by Louis van Boxel-Woolf
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