Golden Ocean (Buy, TP: NOK145.00) - Powering through headwinds
We have cut our near-term forecast for Golden Ocean due to deteriorating dry bulk freight markets, but find its commitment to dividends reassuring as we continue to see sizable cash returns for H2e. Should today’s FFAs prove true, we still see the potential for modest cash returns, but believe the appealing fundamental backdrop should lead to a more fruitful market. We reiterate our BUY but have cut our target price to NOK145 (159).
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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