Beijer Ref stock gains as SEB and Citi lift price targets

Beijer Ref stock (ISIN SE0015949748) is trading around 147.20 SEK on Nasdaq Stockholm on September 21, 2026, up a little more than 3 percent for the day as analyst houses SEB and Citi raise their price targets following strong recent results. According to MarketScreener on September 21, 2026, SEB lifted its target price for Beijer Ref to 170 SEK from 160 SEK and reiterated a Buy recommendation, while Citi raised its target to 150 SEK from 145 SEK with a neutral rating.

Analyst upgrades support Beijer Ref stock

As MarketScreener reports on September 21, 2026, SEB now sees Beijer Ref at 170 SEK, up 10 SEK from its previous 160 SEK target, while maintaining a Buy stance on the refrigeration wholesaler.

In the same coverage, the stock is shown trading intraday at about 147.30 SEK, marking a gain of roughly 3.2 percent over the prior close of 142.70 SEK, and a year-to-date performance of around 10.3 percent, with a five-day change near 3.3 percent according to MarketScreener.

Citi and other houses adjust their views

Alongside SEB, Citi has increased its view on the stock. According to MarketScreener on September 21, 2026, Citi confirmed its neutral rating on Beijer Ref and raised the price target to 150 SEK from 145 SEK, suggesting moderate upside potential from recent trading levels.

The same MarketScreener overview highlights additional recent moves: ABG Sundal Collier increased its target price to 170 SEK from 165 SEK with a Buy recommendation on September 18, 2026, and Barclays reduced its target from 172 SEK to 170 SEK while keeping an overweight rating, underlining that several houses now cluster their expectations around 170 SEK according to MarketScreener.

Q2 2026 figures show strong top-line growth

Behind the rising interest from analysts are solid operating figures. In the second quarter of 2026, Beijer Ref generated revenue of 10,785 million SEK, up 26.2 percent compared with 10,181 million SEK in Q2 2025, highlighting strong growth in its refrigeration and HVAC distribution activities according to Affarsvarlden.

Operating profit in Q2 2026 came in at 1,241 million SEK, compared with 1,185 million SEK in Q2 2025, an increase of 56 million SEK that underscores improved profitability even as the company continues to expand according to the same Affarsvarlden data.

The same overview shows that Q1 2026 revenue was 8,549 million SEK with growth of 3.5 percent year on year, while Q4 2025 revenue stood at 8,262 million SEK, down 15.1 percent compared with the prior-year quarter, illustrating that the acceleration in Q2 2026 represents a clear rebound from a weaker end to 2025 according to Affarsvarlden.

Earnings and dividend context

On a trailing 12-month basis, earnings per share for Beijer Ref are reported at 4.66 SEK, slightly above the 4.59 SEK recorded for fiscal year 2025 and the 4.39 SEK reported for 2024, while below the 4.88 SEK level seen in 2023, indicating a gradual recovery in profitability after a dip according to Affarsvarlden.

For fiscal year 2025, Beijer Ref distributed a total dividend of 760 million SEK, equivalent to 1.50 SEK per share, up from 710 million SEK or 1.40 SEK per share for 2024 and 659 million SEK or 1.30 SEK per share for 2023, while the 2022 dividend stood at 358 million SEK or 0.94 SEK per share according to the same Affarsvarlden figures.

Stock performance and valuation markers

Per the Affarsvarlden quote page updated on September 21, 2026, Beijer Ref stock last traded at 147.20 SEK, up 3.15 percent on the day, indicating that the market is reacting positively to the latest round of analyst target upgrades and strong Q2 2026 performance according to Affarsvarlden.

MarketScreener indicates a recent closing price of 142.70 SEK and shows intraday trading around 147.30 SEK, while presenting an average analyst price objective of 165.00 SEK, placing SEB and ABG Sundal Collier at the upper end of the current target range according to MarketScreener.

Risks and short interest signals

While analyst sentiment is broadly constructive, recent data also show some short-selling activity. The same MarketScreener coverage references aggregate net short positions on Nasdaq Stockholm as of September 15, 2026, and notes that BlackRock Advisors has emerged as a new short seller in Beijer Ref, indicating that some investors remain cautious about valuation or cyclical exposure according to MarketScreener.

In a broader market context, Beijer Ref is mentioned among European stocks showing notable moves, with its capitalization up 2.7 percent in a recent trading session according to Interfax, underlining that the stock is participating in sector and regional trends while still being influenced by macro factors.

Beijer Ref stock price as of the latest close

As of September 21, 2026, Beijer Ref stock on Nasdaq Stockholm is around 147.20 SEK, with a recent prior closing level near 142.70 SEK and daily gains of just over 3 percent. That places the shares meaningfully below the highest analyst targets near 170 SEK while reflecting the strong Q2 2026 revenue growth and improving earnings profile that have prompted several houses to adjust their price objectives.

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