02:37 AM EDT, 04/30/2026 (MT Newswires) -- RBC Capital Markets reiterated Atlas Copco's (ATCO-A.ST, ATCO-B.ST) underperform rating, noting the Swedish industrial group's "rather muted"future demand commentary.

"While Q1 started with a strong +116 [basis point] Vol./price/mix contribution, we predict that this will reverse in coming quarters. The argument is that muted volume demand for [compressor technique, industrial technique and power technique] puts Atlas Copco's sales department in a tricky position: prices need to be raised to offset US tariffs and cost inflation, but this comes at the 'cost'of lower volume growth. We see the net effect as neutral this year,"the research firm said Wednesday, adding it does not anticipate "meaningful"internal margin improvements as a result.

Within this context, analysts adjusted their revenue and EPS forecasts for full-year 2026 through 2028, alongside revisions in divisional order and sales estimates, with their operating margin projection lowered by 30 basis points. These changes leave RBC's estimates 6% to 8% behind market expectations for 2026 and 2027.

Meanwhile, Atlas Copco's price target was lifted to 145 kronor from 140 kronor, primarily due to an increase in peer multiples.