0816 GMT - U.S. reciprocal tariffs are higher than expected, but they seem to be a ceiling and could decrease as countries negotiate deals, suggesting the European capital goods sector might be past peak tariff fears, Jefferies says. The bank has already cut its expectations for SKF's U.S. earnings. Elsewhere, it sees continued weakness in the China wind market, further Chinese industrial destocking, and a weak environment in Europe. It expects a margin in line with consensus for the first quarter, as it expects the company to offset cost absorption. SKF shares have fallen 25% since early March. With limited downside to Jefferies' 190 Swedish kronor price target, it upgrades the stock to hold from underperform. Shares fall 0.3% to 180.85 Swedish kronor. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 04, 2025 04:16 ET (08:16 GMT)
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