We retain recommendation to accumulate for Suominen and adjust our target price to 3.50 EUR (prev. 3.25 EUR) reflecting small positive estimate revisions. We argue Suominen’s valuation is still moderate on the short term but also on the medium term, while risk profile is reducing simultaneously due to recent positive progress and certain external factors. Therefore, Suominen’s expected TSR is on good level of 10-13 % p.a both short and medium term, which is sufficient to purchase the stock.