Goldman Upgrades Epiroc on 23% Order Surge

Goldman Sachs upgraded Epiroc AB to “buy” and raised the 12‑month target to SEK315, about 15.6% upside from SEK272.60.
The miner’s Q1 2026 results showed 23% organic order growth, 44% rise in equipment orders and a record SEK1.28 billion in large orders.
Goldman now forecasts FY26 revenue of SEK66.62 bn, FY27 SEK74.42 bn and FY28 SEK79.95 bn, raising prior estimates by up to 3.4%.
Adjusted EBIT margin is forecast above 20% from 2026, with risks from tungsten cost inflation, FX exposure and mining capex delays.