Trading Case from Vikingen & Aktieutbildning.nu, July 6th
Welcome to this week’s trading case from Vikingen and Aktieutbildning.nu
Buy Recommendation for Week 28 from Aktieutbildning.nu
The trading portfolio is buying: Raysearch AB, approx. 232 SEK.
Why?
Technical analysis
(see also diagram below)
A bottoming pattern breaks upward after a sharp decline in 2025–2026. A rebound within a strong trend presents a good buying opportunity that signals an uptrend.
The relative chart against the OMXS30 (and the S&P 500) also looks strong.
Viking’s BEST model, price channel model (weekly and monthly), and other models are giving the “green” light and a buy signal.
Fundamental analysis
Here is an overview of the latest target prices from the banks for RaySearch Laboratories, followed by a current SWOT analysis of the company based on prevailing market conditions (July 2026).
Target Prices and Analyst Recommendations
The market’s average target price for RaySearch (RAY B) is currently around 330 SEK, which means that analysts generally see upside potential compared with current price levels (which are trading around 230–235 SEK).
Here are some of the latest target prices and updates from the banks:
SEB (Feb. 2026): 300 SEK (lowered from 345 SEK). Recommendation: Buy.
DNB Carnegie (Nov. 2025): 330 SEK (lowered from 340 SEK). Recommendation: Buy.
Analyst consensus (reported in 2026): Among the analysts covering the stock, the lowest target price is 290 SEK and the highest is 370 SEK.
📊 SWOT Analysis: RaySearch Laboratories
S – Strengths
Leading and advanced technology: Their flagship products, RayStation (dose planning system) and RayCare (oncology information system), are market leaders in terms of performance. The company is at the absolute forefront of integrating artificial intelligence (AI) and machine learning to automate dose calculations and improve precision.
Hardware-independent: Since RaySearch is a pure-play software developer, its systems are compatible with radiation therapy machines from virtually all major manufacturers. This gives hospitals the freedom to mix and match equipment without being locked into a single supplier.
Innovative Capabilities: Strong in-house research and development, conducted in close collaboration with leading cancer clinics around the world, ensures that our products are quickly adapted to meet the current and future needs of the healthcare sector.
W – Weaknesses
Long and complex sales cycles: The decision-making processes involved in replacing core cancer treatment systems at large hospitals are often very protracted. This requires substantial, long-term investments, which means it can take a long time from initial contact to contract signing and final revenue recognition.
Niche business: The company is heavily focused on the radiation oncology sector, which makes it more vulnerable to industry-specific fluctuations than broader medical technology companies.
Sensitivity to healthcare budgets: In times of macroeconomic uncertainty, hospitals (both private and public) may temporarily freeze or postpone their capital investments, which can directly affect order intake.
O – Opportunities
Underlying market growth: The global market for radiation oncology software is growing steadily (expected annual growth of approximately 9% through 2032). An aging global population and, unfortunately, a rising number of cancer cases are driving the need for more effective treatments.
Demand for adaptive radiation therapy: Healthcare is increasingly moving toward personalized and adaptive treatment, in which the treatment plan is continuously adjusted while the patient is undergoing treatment. This is where RaySearch’s advanced algorithms play a crucial role.
Expansion in emerging markets: The Asia-Pacific region is investing heavily in the expansion of oncology infrastructure, which represents significant geographic growth potential beyond the core markets of North America and Europe.
T – Threats (Threats)
Competition from hardware manufacturers: The biggest competitors are giants such as Varian (Siemens Healthineers) and Elekta. Since these companies manufacture both hardware and software, they can offer comprehensive solutions and package discounts that risk excluding independent software vendors from certain procurement processes.
Strict regulatory requirements: Software used in cancer treatment is strictly regulated, for example by the FDA in the United States and through the MDR (Medical Device Regulation) in the EU. The processes for obtaining approval for new versions and features may be delayed or become more expensive.
Rapid technological shifts: If the company does not maintain its high level of investment in research and development, there is always a risk of falling behind competitors who are the first to achieve the next major breakthrough in AI-driven oncology.
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Yours sincerely
