Assa Abloy upgraded to Buy from Hold at Jefferies

Jefferies analyst Rizk Maidi upgraded Assa Abloy (ASAZY) to Buy from Hold with a price target of SEK 375, up from SEK 330. The firm estimates 30% of Assa’s business is at a cyclical low with signs of gradual recovery emerging. It believes the stock’s valuation is at the low-end its historical range, which sets the stage for a re-rating.