Investors hail Swedish auto safety firm
Shares in Autoliv rally after raised revenue and sales outlook.
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A number of international investment banks have upgraded its recommendations on Swedish Autoliv as the automotive safety device maker on Monday raised its first-quarter forecasts and anticipates its organic sales to increase 65 percent compared a year ago.
"The main reason for our revised guidance is better than expected sales, primarily in North America and Asia due to higher light vehicle production accompanied by a favorable mix and market share gains", Autoliv's chief executive officer Jan Carlson said in a statement.
The company's shares rose 6.2 percent on Monday and continued to climb on Tuesday.
Investment banks such as Morgan Stanley, Swedbank, Cheuvreux and Baird all lifted their recommendations of the company stock.
"Things are moving along very strongly and are likely to continue doing so. The company is doing well and the entire auto industry is in the midst of a powerful recovery now," Evli analyst Michael Andersson told Reuters. "And the figures that have been coming in from China and the United States have pointed to just this."
Autoliv is the world’s biggest maker of vehicle air bags.
Last Updated (Tuesday, 23 March 2010 11:47)
