Crayon (Sell, TP: NOK75.00) - Waiting for the dust to settle
After tailwinds from favourable channel dynamics during the past 12 months, we are taking a cautious approach to Crayon, awaiting further clarity on the situation in APAC & MEA. With the company facing tougher comparable numbers YOY over the next 6–12 months, we reiterate our SELL and have lowered our target price to NOK75 (100).
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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