Fearnley Securities has upgraded its recommendation on Andfjord Salmon from Hold to Buy and raised its target price to NOK 32 per share from NOK 30.
The bank said the land-based salmon farmer is approaching its first meaningful revenue generation since its 2023 pilot project, with post-smolt sales expected to begin in the second quarter and harvest revenues expected in the second half of the year.
Fearnley increased its 2026 harvest forecast to 1,330 tonnes HOG from 500 tonnes previously and maintained expectations for around 1,000 tonnes of post-smolt sales. The bank forecasts total post-smolt sales of 960 tonnes and harvest volumes of 1,330 tonnes in 2026.
The upgrade reflects what Fearnley described as lower execution risk following a recent NOK 385 million (€35.6 million) equity raise, continued strong biological performance at the company’s Kvalnes facility, and progress on new production pools.
Fearnley also said it sees limited financing risk ahead of Andfjord’s next expansion phase.
