Boliden, SE0020050417

Berenberg keeps Hold on Boliden stock and raises target

Published on 10/07/2026 at 10:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The target moved from SEK 530 to SEK 560 on September 10, 2026. Boliden stock costs EUR 47.72 on October 7, 2026, plus 2.23 percent versus EUR 46.68.

Fotorealistische Kupferschmelze mit glühendem Metall in schwedischer Industrieanlage bei Dämmerung — Boliden AB (ISIN SE0022415691) betreibt moderne Kupferschmelzen und Untertagebergwerke in ganz Skandinavien, Illustration mit AI erstellt.

Boliden stock (ISIN SE0020050417) was trading at EUR 47.72 at Lang & Schwarz on October 7, 2026 at 10:11 a.m. CEST, plus 2.23 percent versus the prior close of EUR 46.68. On September 10, 2026, Berenberg kept its Hold rating and raised its Boliden target from SEK 530 to SEK 560, according to MarketScreener.

Berenberg weighs the Nexa discussions

The revised target followed Berenberg's broadly neutral view of Boliden's discussions concerning Nexa Resources. The published recommendation remained Hold, making the SEK 30.00 target increase a valuation change rather than a rating upgrade.

Boliden's Investor Relations page identifies the Nexa announcement as an August 27, 2026 event and presents it alongside the company's second-quarter report, according to Boliden. Management has described the discussions as part of its broader growth strategy, while the transaction terms remain a key valuation variable.

Second-quarter profit stays central

Boliden reported revenue of SEK 25.73 billion and operating profit of SEK 3.19 billion for the second quarter of 2026, down from SEK 27.82 billion and SEK 5.25 billion respectively in the first quarter, according to Affarsvarlden. The sequential declines were quantified at 7.51 percent for revenue and 39.13 percent for operating profit.

The Q2 earnings call put the result into operating context. Boliden reported EBITDA of SEK 5.50 billion, adjusted operating profit excluding process inventory revaluation of SEK 2.90 billion and earnings per share of SEK 7.81 for the quarter, according to Yahoo Finance. Management also repeated production guidance of 1.50 million tonnes for 2026 and 2.30 million tonnes for 2027, while citing ramp-up problems at Odda and lower output at Tara.

Stock gains as results approach

Boliden's next scheduled earnings release is October 29, 2026. That date gives the market a defined checkpoint for production at Garpenberg, the Odda ramp-up and the effect of metal prices on the second-half result.

Market capitalization for Boliden was SEK 152.2 billion as of October 7, 2026 at 10:17 a.m. CEST. The primary listing is Nasdaq Stockholm, where the quotation currency is SEK and the ticker is BOL.

EUR 47.72 sets the reference

At Lang & Schwarz, Boliden was trading at EUR 47.72 on October 7, 2026 at 10:11 a.m. CEST, up 2.23 percent versus the prior close of EUR 46.68. For investors, the next earnings release will test whether the stronger metal-price backdrop offsets the production and ramp-up pressures identified in the second-quarter discussion. The further course of trading is shown by the continuously updated real-time quote of Boliden stock.