FLSmidth Falls 5% as BofA Says Mining Cycle Is Peaking

• (PLX AI) - FLSmidth shares fell 5% after analysts at Bank of America reiterated an underperform rating on the stock and cut its price target.
• • FLSmidth Q2 earnings beat expectations last week and the company raised its guidance for the year
• • But BofA cut its price target to DKK 155 from DKK 165, saying the mining equipment cycle is peaking
• • The sales mix was close to as good as it gets for profitability, with elevated share of aftermarket and record demand for spare parts, the analysts said
• • Expect rising share of lower-margin equipment/project business and declining demand for spare parts, which could create headwind to margins: BofA