Aapeli has released a new company report following Q1. 
Ponsse’s Q1 report was mixed; while order intake and revenue exceeded our expectations, the result fell clearly below our forecasts. On the other hand, we found the company’s market comments to be positive. Ponsse reiterated its guidance pointing to last year’s earnings level, although reaching this will require some catching up due to the performance in the early part of the year. Following the actual development, we made downward revisions to our earnings forecasts for the coming years, but we still expect the company to reach its guidance for the current year. In our view, the stock is currently largely fairly priced in the overall picture; reflecting this, we reiterate our reduce recommendation and our target price of EUR 24.0.