Grieg’s price targets cut after disappointing numbers

editorial staff

Analysts not happy after reading yesterday’s Q3 report.

Investment bank DNB Markets is adjusting Grieg Seafood’s price target to NOK 105 from NOK 110 and reiterated BUY, reported TDN Direkt. DNB Markets cut its 2021 earnings per share estimate by almost ten per-cent as a result of lower harvest weights and higher head office costs.

“This was a disappointing quarterly report. The costs in the fourth quarter will be higher than expected, the 2021 harvest volume was lower than expected and we have consequently revised down our estimates,” wrote Arctic Securities, which lowered the price target from NOK 100 to NOK 85, and had a HOLD recommendation.

Sparebank 1 Markets wrote in a financial bulletin this morning that the company is showing a “less opportunistic long term cost guidance”, and the investment bank reduced 2021-EBIT by six per-cent. The price target is adjusted to NOK 110 from NOK 115. But Sparebank 1 Markets did not change the BUY recommendation of the bruised stock.

ABG Sundal Collier reduced Grieg Seafood’s price target to NOK 111, from NOK 112, and reiterated BUY.


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