Shelly Group SE Gains "Buy" Recommendation from Berenberg

Shelly Group SE, a Sofia-based provider of IoT and smart building solutions, recently received a "Buy" recommendation from Joh. Berenberg, Gossler & Co. KG, a private bank in Hamburg. The firm has set a price target of EUR 70.00, suggesting an upside potential of 22.8% from the previous Xetra closing price of EUR 57.00.

Analysts highlight Shelly Group's strong market positioning, driven by a competitive price-performance ratio and a comprehensive product portfolio in the home and building automation market. The company's entry into the professional segment, which covers approximately 70% of the market, is seen as a major growth opportunity. Additionally, Shelly's innovative capabilities and product roadmap are viewed positively, potentially attracting strategic and financial investors.