Schindler downgraded to Reduce from Hold at HSBC

HSBC analyst Sean McLoughlin downgraded Schindler to Reduce from Hold with a price target of CHF 165, up from CHF 163. Fading recession risks have driven a year-to-date re-rating of the European capital goods sector, but market optimism on macro risks could lead to a "nasty surprise," the analyst tells investors in a research note. The analyst cites valuation for the downgrade.