Golden Ocean (Sell, TP: NOK140.00) - Likely topping out for now
We find the recent freight market strength and even stronger share price performance exaggerated given our dry bulk sector outlook. Chinese import demand is in question from the record-high run-rate due to flailing fundamental demand. Elevated asset values versus our rate expectations leave a fragile situation for valuations and we believe the risks outweigh the upside potential medium-term. Hence, we have downgraded to SELL (HOLD) and have cut our target price to NOK140 (142).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.