Aapeli has published a new equity research report on Kalmar following the Q1 results 
Kalmar’s Q1 figures fell broadly short of our expectations, even though earnings improved compared to the prior-year period. Development was particularly overshadowed by challenges in the service business. Meanwhile, the company expects its market situation to remain stable despite uncertainties. Our earnings forecasts for the coming years were slightly lowered due to negative forecast adjustments made to the service division. However, we view yesterday’s share price decline as excessive and reiterate our Accumulate recommendation for the stock, but lower our target price to EUR 46 (prev. EUR 48) in line with the forecast changes.