OP lowered Olvi’s target price from 34 euros to 33 euros, but due to the share price drop, changed its recommendation to “add” (previously “reduce”).
Earlier, OP predicted Olvi would reach the mid-point of its guidance, but now expects it closer to the lower end with a result of 84.8 MEUR. OP’s earnings expectation thus decreased by 3.4 MEUR. At the same time, the quality of the result was weakened as the Belarusian businesses are expected to generate 1.5 MEUR less in earnings.
