Kepler Cheuvreux moves Volvo to 'hold' on limited upside after strong performance
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Kepler Cheuvreux has downgraded Volvo to 'hold' from 'buy' due to limited upside following a strong share price performance, which increased by approximately 10% in 2025 and 7% year-to-date. The price target has been raised by 14% to SEK 325, citing expanding sector multiples. The broker anticipates a 30% decline in earnings per share in 2025 and a potential dividend cut, with an expected 18% drop in Q4 operating earnings. Despite this, Volvo's strong financial position and its construction equipment business are highlighted as positives.
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