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Goldman Sachs ups Danish FLSmidth to "buy"

Posted on: Fri, 20 Nov 2009 13:38:00 EST

Symbols: FLIDF

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Nov 20, 2009 (M2 PRESSWIRE via COMTEX) --
FLIDF | Quote | Chart | News | PowerRating -- 20 November 2009 - Goldman Sachs has upgraded the recommendation on
Danish FLSmidth & Co A/S (CPH: FLS) to "buy" from "neutral" citing the
company's third-quarter report, which showed that the worst phase of
the economic cycle is over in both the minerals and the cement business.

The broker also raised the share price target to DKK415 from DKK305 for
the next six months.

Although the stock has risen more than 80% this year, Goldman Sachs
believes in a further increase due to a surge in the order intake in
2010 and 2011.

"Better margins for the order book and the full effect of the cost
savings in 2010 should also support the share," the broker noted.

Goldman Sachs has increased its revenue forecasts for 2010 and 2011 by
5% and 2%, respectively, while the estimates for FLSmidth's operating
profit in 2010 and 2011 were raised by 10% and 19%.

By 13:50 CET on Friday, the shares in FLSmidth had gained 3.26% to
DKK333 on the OMX Nordic Exchange in Copenhagen.

(EUR1 = DKK7.4)

Comments on this story may be sent to 
nbr.feedback@nordicbusinessreport.com

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