Jefferies sees 34% upside in Dormakaba on margin expansion, U.S. growth
Jefferies upgraded Dormakaba (SIX: DOKA) to 'buy' with a CHF 82 price target, citing margin expansion and U.S. growth. The target implies 34% upside from the Sept. 25 close. The broker expects adjusted EBITDA margins to rise to 18% by fiscal 2028/29, above consensus. Dormakaba reported a record EBITDA margin of 16.1% in fiscal 2025/26, driven by cost savings and pricing gains. The company's restructuring program delivered CHF 235 million in savings, exceeding its target.