ALK-Abello (Buy, TP: DKK2425.00) - Initiation season on track
ALK’s detailed Q3 report provided few surprises following its preliminary results and new 2020 guidance released on 5 November. We therefore continue to view Q3 as solid and supportive for our investment case, while our main takeaway from today is the CEO confirming he still expects >10% revenue growth in 2021 despite the recent surge in Covid-19 cases. We have lifted our target price to DKK2,425 (DKK2,260) and reiterate our BUY.Alk-Abello is engaged in the development and marketing of pharmaceutical products for the treatment, prevention and diagnosis of allergies. Co.'s product portfolio comprises allergy vaccines, emergency treatments and allergy diagnostics products. Co.'s allergy vaccines product offering comprises tablet vaccines, sublingual vaccines and subcutaneous vaccines. Co.'s emergency treatments product offering comprises products for the management of anaphylaxis. Co.'s allergy diagnostics product offering comprises allergen extracts for allergy testing, such as skin-prick tests.
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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