Fearnley Securities cut its 2026 EBIT estimate for Måsøval by 6% after a weaker-than-expected first quarter, driven by underperformance in Sales & Processing.
The investment bank retained its Hold recommendation and NOK 36 (€3.35) target price.
Fearnley cut its 2026 EBIT estimate for Sales & Processing to NOK 4 million (€372,000) from NOK 19 million (€1.77 million) and said its overall 2026 EBIT forecast now sits 8% below FactSet consensus.
The broker also shifted more harvest volume into the second half of 2026, when salmon prices are expected to weaken.
Despite the downgrade, Fearnley said the biological outlook had improved. Standing biomass exited Q1 around 25% higher year-on-year, while biomass cost per kilogram fell 12%.
Måsøval raised its 2026 harvest guidance by 800 tonnes to 28,000 tonnes, though Fearnley said the increase mainly reflected already-harvested volumes.
The broker said the ongoing strategic review by majority shareholder Heimstø, which owns around 70% of the company, was likely to result in a full sale and continued to underpin its asset-based valuation.