Crayon (Sell, TP: NOK100.00) - Downgrade on risk/reward
As the stock has risen significantly on recent ‘take-private/take-out’ speculation in the media, Crayon’s indications of a collection in the Philippines, and AI tailwinds, we find the valuation sufficiently reflects several potential catalysts that have yet to materialise. As such, we find the risk/reward skewed to the downside. We have downgraded to SELL (HOLD) and lowered our target price to NOK100 (110). While the current valuation is not too lofty in our view, we consider it rich enough for profit-taking – especially in light of the recent media speculation about a potential sale.
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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