Fearnley Securities raised its target price on SalMar to NOK 676 (€62.87) from NOK 650 (€60.45) following the salmon farmer’s first-quarter results, while reiterating a Buy recommendation.
Fearnleys lifted its 2026 EPS estimate by 2% after SalMar increased 2026 harvest guidance by 4%, largely reflecting volumes already harvested.
The investment bank said SalMar’s Northern Norway guidance of 120,000 tonnes appeared conservative and raised its own estimate to 123,000 tonnes, citing Directorate biomass data showing Production Area 12 biomass up 53% year-on-year at the end of April.
Costs in Central Norway came in below expectations in the second quarter, partially offsetting higher volume assumptions.
Fearnleys said feed prices had remained broadly flat since the third quarter of 2025, with a stronger Norwegian krone helping offset inflation in fishmeal and fish oil.
SalMar currently trades at 18x Fearnleys’ 2026 earnings estimate, falling to 14x and 11x on 2027 and 2028 estimates respectively, according to the investment bank.
Fearnleys said spot salmon prices would remain the key variable in determining whether improved biological performance translates into earnings growth.
