Cautious Outlook for Fortnox AB Amid Declining Web Traffic Trends

In a report released today, Charles Brennan from Jefferies downgraded Fortnox AB (FNOX – Research Report) to a Hold, with a price target of SEK80.00.

Charles Brennan’s rating is based on observed trends in Fortnox AB’s web traffic for the fourth quarter of 2024, which indicate a decline. The data shows a year-over-year decrease of 2% and a sequential drop of 10% in web traffic. Although this is only the third quarter of tracking such data, suggesting limited historical context, Brennan sees these figures as a cautionary sign.
Given the recent downgrade to a Hold rating, these traffic trends serve as a contributing factor to a more cautious outlook ahead of the upcoming financial results, expected on February 13. While not definitive proof of a slowdown, the data does warrant a conservative stance, emphasizing the need for prudence in evaluating Fortnox AB’s near-term prospects.

In another report released on January 29, Kepler Capital also maintained a Hold rating on the stock with a SEK74.00 price target.