SEB raises its recommendation for installation company Instalco to 'hold' from 'sell' and lowers the target price to SEK 34 from SEK 38.

"Instalco's Q3 figures were weak. The margin surprised us and the market on the downside, driven by a weak development in the Swedish domestic market. We believe the weakness will continue in the coming quarters. However, we take a more neutral stance and upgrade to 'hold'," SEB writes.