Berenberg Starts Sandvik Coverage at Hold Amid Near-term Tungsten Pricing Volatility

07:33 AM EDT, 08/28/2026 (MT Newswires) -- Berenberg initiated its coverage of Sandvik (SAND.ST) with a hold rating and price target of 415 kronor as part of its Capital Goods & Industrial Engineering report published Thursday. "Sandvik is a much-improved, structurally higher-quality group than it was five years ago, and through 2025-26 it has demonstrated significant operational momentum as a result of its strong strategic execution. However, the group has outgrown peers for the past two years, in some cases perhaps temporarily, and we expect that, as the group laps tougher order comps and tungsten-related profitability normalises, Sandvik's growth will slow relative to peers," the research firm wrote. Analysts also noted the Swedish industrial group's "significant" structural transformation and view it as well placed to gain from the mining investment cycle upturn, among other key investment points. The group is expected to see revenue and EBITA compound annual growth rates of 8% and 7%, respectively, over the 2026 to 2028 period. "While we do acknowledge that some near-term volatility in tungsten pricing could drive earnings upgrades, overall we see better opportunities in more mining-focused stocks," Berenberg added.