Epiroc AB stock (SE0015658109): Morgan Stanley raises price target

Morgan Stanley lifted its price target on Epiroc AB to SEK 300 from SEK 258 while maintaining an Overweight rating, signaling confidence in the mining equipment leader's outlook as of May 11, 2026.

Morgan Stanley raised its price target for Epiroc AB to SEK 300 from SEK 258 and reiterated its Overweight rating on the Swedish mining equipment maker, according to Marketscreener as of 05/11/2026. This adjustment reflects optimism about Epiroc's positioning in the growing demand for advanced drilling and rock excavation solutions amid global mining expansion.

As of: 11.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Epiroc AB
• Sector/industry: Mining equipment and rock excavation
• Headquarters/country: Sweden
• Core markets: Mining, infrastructure, natural resources
• Key revenue drivers: Drilling rigs, loaders, underground equipment
• Home exchange/listing venue: Nasdaq Stockholm (EPIR)
• Trading currency: SEK

Epiroc AB: core business model

Epiroc AB develops and provides equipment, consumables, and services for mining and infrastructure applications worldwide. The company operates in two main segments: Rocktec and Underground Rock Excavation, offering products like drill rigs, rock drilling tools, and loaders. Epiroc focuses on productivity-enhancing technologies, including digital solutions for mine optimization, which appeal to US investors tracking global resource extraction trends.

Headquartered in Stockholm, Sweden, Epiroc serves major mining regions including North America, where it supports operations in gold, copper, and battery metals production critical to the US economy.

Main revenue and product drivers for Epiroc AB

Epiroc generates revenue primarily from aftermarket services, equipment sales, and consumables, with services accounting for over 50% of sales in recent periods. Key products include the Pit Viper series for surface drilling and Scooptram loaders for underground mining, driving demand in high-growth areas like electrification and automation.

The company's exposure to US-listed miners like Newmont and Freeport-McMoRan underscores its relevance, as rising commodity prices boost capex on advanced equipment.

Industry trends and competitive position

The mining equipment sector benefits from surging demand for critical minerals amid the energy transition, with robotic drilling markets projected to grow from USD 1.12 billion in 2025 to USD 3.67 billion by 2034 at a 14.2% CAGR, according to Intel Market Research as of 2026. Epiroc competes with Caterpillar and Sandvik, differentiating through its focus on sustainable, battery-electric solutions.

Why Epiroc AB matters for US investors

Epiroc's products equip US mines producing copper and lithium essential for EVs and renewables, linking its performance to American supply chains. With shares accessible via OTC trading (EPOKY), it offers US investors exposure to global mining capex without direct commodity risk.

Conclusion

Morgan Stanley's upgraded price target highlights Epiroc AB's strong positioning in mining innovation, bolstered by sector tailwinds and strategic moves like the potential Eventspec acquisition in South Africa. Investors monitor upcoming catalysts such as Q2 earnings for sustained momentum. The company's US market relevance persists amid commodity cycles.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.