Crayon (Buy, TP: NOK23.00) - Back on track
The Q1 results were above our estimates and consensus, and in our view indicate that Crayon is well on track to deliver results in the upper range of its targeted range for FY 2018. We reiterate our BUY recommendation and have increased our target price to NOK23 (21), continuing to find Crayon underrated.
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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