Mediobanca Upgrades Carel Industries to Outperform with New Target Price
Mediobanca has upgraded Carel Industries to 'Outperform' from 'Neutral' and raised the target price to €34 per share from €26. This reflects strong growth potential in North America and data centers, driven by advancements in AI and HVAC technology.
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Mediobanca has raised its recommendation for Carel Industries to 'Outperform' and increased the target price to €34 per share. The first quarter of 2026 showed a 52% year-over-year sales increase in North America at constant exchange rates, driven by AI data center developments and high-efficiency product adoption.
Analysts point to the growing use of variable-speed compressor technology and the shift to natural refrigerants as key growth factors. Carel's market share remains low, but it has a technological advantage over local competitors.
The overall sales growth forecast for the group is expected to be in the 'low-teens' range, with North America outperforming the EMEA region and an EBITDA margin above 20%. The anticipated earnings visibility supports the upgraded rating.
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