Adevinta (Sell, TP: NOK70.00) - Fighting to maintain growth
We expect a still-challenging outlook for display advertising, a soft vertical volume trend in France, and tough comparables for Spain and Brazil. The Q3 results are due at 07:00 CET on 24 October. We reiterate our SELL and NOK70 target price as we continue to find valuation rich.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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