UPDATE: Credit Suisse Upgrades Securitas to Neutral from Underperform, Raises PT to SEK 58

Credit Suisse has Upgraded Securitas AB (SECU-B.ST) to Neutral from Underperform, and increased price target to SEK 58 from SEK 49. Credit Suisse noted, "Securitas plans to reduce costs by SEK 370m on a net basis, which [we] believe will drive a return to EPS growth in 2013E. While our 2012E EPS estimates fall 4% (reflecting FX, higher interest charges and lower growth in the US), our 2013E EPS estimates rise by 7%. [We] now forecast 17% EPS growth in 2013. Our price target rises to SEK 58 (from SEK 49) and we upgrade to Neutral (from Underperform)." Securitas was trading at SEK 51.60 at 9.25 a.m EST.