We upgrade AutoStore to Buy (Hold) as we now 1) feel more comfortable about the company’s competitive position again, and 2) find consensus estimates overly conservative. On the former, both AutoStore integrator Kardex and various industry experts indicate no meaningful deterioration in AutoStore’s market position. On the latter, consensus 2026 revenue estimates have been cut by 19% YTD (USD), despite sequential revenue growth in Q2 and upward revisions for Kardex and KION (2026 revenue +8% and ....
