Jefferies reaffirms its Buy rating on Kone shares, with an unchanged price target of 58 euros, representing upside potential of around 25%.

The analyst reports that Kone's CFO discussed changes in the group's profit drivers. For example, the share of revenues from China is now around 17%, compared with 35% previously.

80% of Kone's profits are now linked to equipment maintenance and modernization operations.
In addition, margins on orders remain robust, offering prospects for future improvement, says the analyst.

' As facilities age, we expect modernization opportunities to emerge fully', says Jefferies in essence.


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