Arctic Securities has raised its target price on SalMar to NOK 672 (€62.50) per share from NOK 640 (€59.52), while maintaining a Buy recommendation.
SalMar shares traded at NOK 574.5 (€53.43) at the time of publication.
The bank said the upgrade followed stronger-than-expected harvest guidance from SalMar, increasing its 2026 harvest estimate by 12,000 tonnes.
Arctic Securities now expects Norway farming volumes to rise around 27 per cent year-on-year in the first half of 2026.
Analysts Christian Olsen Nordby and Kristoffer Haugland described SalMar as delivering its strongest biological performance on record.
The bank also highlighted a flatter harvest profile, with second-quarter harvest volumes approaching expected third- and fourth-quarter levels, which it said could indicate the company is operating near maximum allowable biomass (MAB).
SalMar guided relatively stable costs into the second quarter, with reductions expected later in the year.
Arctic Securities said the higher harvest volumes improved valuation, although this was partly offset by higher cost assumptions.
The bank raised cost-per-kilogram estimates in Northern Norway by NOK 2 (€0.19) and reduced estimates for Icelandic Salmon following higher second-quarter cost guidance.
The changes reduced Arctic Securities’ 2026 EBIT-per-kilogram estimate by NOK 0.9 (€0.08), leaving overall EBIT forecasts for 2026 and later years broadly unchanged.
The bank said the main remaining catalyst for the stock was recovery in salmon spot prices.