27 May 2025 | 5:00AM BST FLSmidth & Co. (FLS.CO) Buy Margin up-lift to drive re-rating; Up to Buy FLS.CO 12m Price Target: Dkr430.00 Price: Dkr364.60 Upside: 17.9% We upgrade FLSmidth to Buy from Neutral, increasing our 12m price target to DKK430 (from DKK340) as we raise our margin expectations, based on our forecast that further SG&A savings and an increased service and PCV mix will support profits. We argue that through ongoing self-help measures, FLSmidth will increase its margins by +320bps to 14.2% by ...