Morgan Stanley raises target for Sandvik stock to SEK 440

Published on 10/20/2026 at 10:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Morgan Stanley lifted its target from SEK 380 to SEK 440 on October 19, 2026. Sandvik stock costs EUR 31.18 on October 20, 2026 with third-quarter results due October 22.

Analyst view and operating scale

Morgan Stanley raised its Sandvik target from SEK 380 to SEK 440 on October 19, 2026.
Second-quarter 2026 revenue reached SEK 36.8 billion and adjusted EBITA margin was 22.6 percent.
Sandvik stock traded at EUR 31.18 at 10:30 a.m. CEST at Lang & Schwarz on October 20, 2026.

Makroaufnahme einer Hartmetall-Fräserschneide im Studiolicht, Sandvik AB SE0000667891 — Sandvik AB (SE0000667891) entwickelt Hartmetallwerkzeuge mit widerstandsfähigen Schneidkanten für präzise Metallbearbeitung weltweit, Illustration mit AI erstellt.

Sandvik (ISIN SE0000667891) was trading at EUR 31.18 at Lang & Schwarz on October 20, 2026 at 10:30 a.m. CEST. MarketScreener reported that Morgan Stanley raised its Sandvik target from SEK 380 to SEK 440 and upgraded the stock from Equal Weight to Overweight on October 19, 2026. The next test is the third-quarter report scheduled for October 22, 2026.

Why Morgan Stanley raised its target

Morgan Stanley said the market was underestimating profitability in metal cutting, while higher tungsten prices could support price increases that remain largely intact if raw-material costs decline. The bank also pointed to demand for equipment used in gold and copper mining, according to the October 19, 2026 analysis linked above.

The new target implies a more constructive view of Sandvik's earnings path. Morgan Stanley's forecasts for Sandvik's 2027 and 2028 EBITA were 9 percent and 12 percent above consensus, respectively, providing the quantified comparison behind the upgrade.

What does the margin signal?

Sandvik's second-quarter 2026 revenue was SEK 36.8 billion, up 24 percent at fixed exchange rates, while adjusted EBITA margin reached 22.6 percent. Those figures came from the company's investor-relations material, which also listed financial net debt at one times EBITDA and described order intake, revenue and profit as record levels for the quarter.

The comparison with the prior year is material: adjusted EBITA rose to SEK 8.3 billion from SEK 5.6 billion, and the margin increased from 19.0 percent to 22.6 percent. Sandvik also reported second-quarter order intake of SEK 37.8 billion and a book-to-bill ratio of 103 percent.

Three dates frame the stock

Sandvik's recent sequence runs from second-quarter revenue of SEK 36.8 billion on July 17, 2026, to the October 5, 2026 invitation for the third-quarter report, and then to Morgan Stanley's SEK 440 target on October 19, 2026. The chronology links operating execution with a fresh valuation signal.

Upcoming reporting dates

The interim report for the third quarter is scheduled for October 22, 2026, at 8:00 a.m. CEST, followed by Sandvik's Capital Markets Day on November 24-25, 2026. The company calendar also lists a webcast and conference call at 10:00 a.m. CEST on October 22, 2026, according to Sandvik.

Stock price and valuation context

Sandvik's primary listing is on Nasdaq Stockholm, where the share was quoted at SEK 346.50 at 10:31 a.m. CEST on October 20, 2026. The finance data showed a market capitalization of SEK 434.6 billion and a 52-week range of SEK 272.70 to SEK 413.10, placing the Stockholm quote below its yearly high while the euro indication remained the relevant German-market reference.

Sandvik was trading at EUR 31.18 at Lang & Schwarz on October 20, 2026 at 10:30 a.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Sandvik stock.