Arttu has prepared a new company report on Wulff. 
Wulff announced that it aims for significant cost savings in its Products for the Work Environment business by adapting its organizational structure and streamlining operations. We slightly raised our earnings forecasts, though less than the company’s target level, as we believe some of the savings will be diluted by the segment’s declining revenue and the resource needs of other growing businesses. We are raising Wulff’s target price to EUR 3.1 (previously EUR 3.0), driven by our forecast changes. However, we believe the stock’s risk/reward ratio remains too narrow, which is why we reiterate our reduce recommendation.