Golden Ocean (Buy, TP: NOK83.00) - Q1 weakness could be short-lived
We reiterate our BUY recommendation and NOK83 target price and find Golden Ocean attractive at a ~20% NAV premium ahead of what we believe could be multiple years of strong dry bulk market with negligible fleet growth.
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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