Golden Ocean (Buy, TP: NOK85.00) - Forecast is for tailwinds
We have made only minor updates to our forecasts post the Q1 results, and reiterate our BUY recommendation while we have edged up our target price to NOK85 (84). Improved freight rates have lifted vessel values since our sector report, but we still see 10% upside potential to second-hand values, and believe several indicators point to the dry bulk freight market picking up in the coming months as we enter a seasonally stronger H2e.
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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