)
underperformed its industrial peers, as worries mounted throughout the
year about the company's semiconductor-exposed Vacuum Technique
business. Performance has improved on a relative basis over the last few
months, though, as investors start considering whether semiconductor
orders may recover in 2019 and whether other industrial markets may not
slow as much as feared.
I'm still in the camp that
thinks economic growth will slow more noticeably in North America,
Europe, and China as 2019 goes on. Atlas Copco may well outperform in
that environment (it certainly did in the fourth quarter), but investors
considering the shares have to accept the risk of conditions getting
worse before they get better. Atlas Copco isn't a clear-cut bargain
today, but it's close enough (and seldom gets truly cheap) that I'm
tempted to take the risk.
Click here for more:
Atlas Copco's Better Fourth Quarter Offset By Ample 2019 Uncertainties
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