“We reiterate our Accumulate recommendation for F-Secure, but revise the target price to EUR 1.9 (prev. EUR 2.0) in line with lowered earnings forecasts. F-Secure’s growth is accelerating this year, driven by new major Tier 1 partners, but unfortunately, this is still reflected negatively in the earnings figures due to the investments required to serve these large partners. The lack of earnings growth is also visible in the stock’s low valuation (2026e P/E 11x), and so far, the wait has been long. However, the Tier 1 strategy is now truly getting underway this year, and there is clear potential for growth acceleration in the coming years. Thus, the risk-reward ratio still favors waiting for the growth to accelerate with a cautiously positive outlook.”
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OP reiterates BUY and lowers the target price to 2.10 (prev. 2.20)