Berenberg Ups Belimo Estimates, Price Target After 'Exceptional' H1; Buy Rating Kept

06:34 AM EDT, 07/21/2026 (MT Newswires) -- Berenberg raised its Belimo (BEAN.SW) estimates and price target in a Tuesday research report following the company's "exceptional set" of first-half results. The Swiss heating, ventilation, and air conditioning company reported first-half net sales of 676.4 million francs, up 20.5% year over year in CHF and 29.6% in local currencies. Analysts said the sales figure was 4% ahead of consensus. Meanwhile, the research firm attributed the decline in Belimo's shares after the results to the management's lack of "more explicit" revenue guidance for 2026. The company only reiterated its forecast of an EBIT margin above 20% for the full year in its interim report. "The absence of such guidance appears to have disappointed the market. That said, we believe this is a short-term sentiment issue rather than a deterioration in fundamentals," analysts noted, adding that there was no change when it comes to the investment case. As such, Berenberg maintained the stock's buy rating, with the price target up to 1,100 francs from 1,060 francs. Sales estimates for 2026 to 2028 were also raised by 5%, while net income projections for the three years were up 6%. "In our view, Belimo remains one of the highest-quality industrial companies in Europe, benefiting from multiple structural growth drivers while consistently generating industry-leading returns on capital. The data centre opportunity remains the key reason why we continue to view Belimo so positively," analysts added.