Exane has decided it was time to take profits on Marine Harvest, downgrading the stock to Neutral with a target price of NOK140.
Per today’s report:
« While our positive stance on the medium-term upward trajectory of the global salmon price (and hence major salmon producers’ profitability) remains unchanged, we are mindful that Marine Harvest is a commodity play. We have reduced our estimates to reflect our new salmon price assumptions. Keeping in mind that downward consensus revisions are likely already somewhat priced in, we downgrade to Neutral. »