Noble's Shell contracts a small negative

Another round of Aramco suspensions expected

Market sources suggest Saudi Aramco will further reduce its rig count in the coming months through early contract terminations and potentially more suspensions, which would mark the ‘fourth round’ of rig reductions. This follows last month’s request for dayrate discussions (historically, such requests have preceded it suspending rigs). We believe this round could be extensive, affecting c10 jackups out of its current rig count of c57 rigs. At the peak, Aramco had 92 jackups (22% of global demand) on contract, while we see a potential scenario with the jackup rig count approaching 40 ahead. In ...

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Ambu (Buy, TP: DKK155.00) - Another strong quarter

We forecast Ambu to have another strong quarter, with c14% organic growth (we are above consensus) and continued solid margin progression. Despite tariffs, we expect the company to maintain its full-year guidance, but possibly increase the top-line guidance later in the year. We will also look for comments on the impact of tariffs on margins in the coming years. We reiterate our BUY, but have lowered our target price to DKK155 (165).

Danske Bank (Buy, TP: DKK270.00) - Generous distribution prospects

Boosted by still-solid core revenues, lower costs and marginal loan losses, Danske Bank reported a strong 13.3% ROE. Noting ~DKK10bn lower risk-weight assets, the CET1 ratio rose by ~60bp QOQ to 18.4%. We have raised our 2026–2027e net profit by 3–4% on higher NII and fee income. At a 2026e P/E of ~9.1x and with generous distribution prospects, we reiterate our BUY and have raised our target price to DKK270 (260).