Kepler Cheuvreux raised Belimo's price target to CHF1,070 from CHF970 after the Swiss HVAC controls maker posted stronger-than-expected 2025 sales. The brokerage cited improved momentum in traditional markets and a surprising performance in the Asia-Pacific region. Full-year sales reached an estimated CHF1.12 billion, up 18.7% from 2024.

The growth was driven significantly by data centre-related revenue, which hit CHF190 million, representing 17% of group sales versus nearly 12% in 2024. This segment accounted for roughly 9 percentage points of organic sales growth. Belimo also raised selling prices by 3.6%, partly reflecting U.S. tariffs, while maintaining an adjusted EBIT margin above 20%.

Looking ahead, Kepler forecasts CHF1.29 billion in 2026 sales and an adjusted EBIT margin of 21.8%. The new target price implies about 22% upside from Belimo's recent close of CHF876.50. Investors will watch for sustained growth in both data centres and traditional HVAC markets as the company continues capacity expansion.