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Investing.com -- Barclays upgraded Assa Abloy (ST:ASSAb) to “equal weight” from “under weight,” raising its price target to SEK351 from SEK277, citing improving conditions in U.S. non-residential construction as a key driver, in a note dated Thursday. The brokerage said that one-third of Assa’s group sales are directly tied to U.S. non-residential activity through its Americas, Global Technologies and Entrance Systems divisions. It raised organic growth estimates for these units for fiscal years 2026 and 2027, lifting adjusted EBIT forecasts by 5% to 6% over the same period. The report noted that U.S. non-residential starts rose 33% in June and 21% in July year over year, supporting expectations of solid demand momentum through 2026. Barclays said recent data, including the Dodge Momentum Index and Architecture Billings Index, points to stronger growth ahead for companies exposed to late-cycle building phases such as Assa. Assa Abloy’s Entrance Systems division, which had been weighed down by weakness in industrial and residential markets, is showing signs of recovery, particularly in warehouse loading bay doors where U.S. data indicates renewed momentum. The Americas division, now with about 45% residential exposure following its HHI acquisition, has also seen resilience in non-residential business lines. Global Technologies, with about half its sales in the U.S., has tracked commercial and institutional backlog data, which has been improving. Barclays said that after a cycle of earnings downgrades through 2025, the trend appears to have ended. It raised its sector multiple premium for Assa to 25% from 10%, reflecting expectations of stronger earnings momentum. The analysts noted that Assa now trades at a discount to the SXNP index for the first time in five years, compared with a 20% premium on a 10-year basis, which they view as balancing risks from residential weakness with potential in U.S. non-residential growth.