Axfood Drops 4% After Carnegie Downgrade to Sell

• (PLX AI) - Axfood shares fell almost 4% in early trading after Carnegie cut the stock to sell from hold.
• • Price target SEK 230
• • Axfood shares now have an excessive valuation after very strong gains, Carnegie said
• • Willys's sales momentum has slowed, hampered by tough comparisons, and it faces significant investments over the next three years before cost efficiencies and synergies are due to kick in from 2025: Carnegie
• • Q4 results may be soft, with online sales in slight decline and flat like-for-like sales, Carnegie forecast