Golden Ocean (Sell, TP: NOK92.00) - Heavy market still to test valuation
The share price has come down ~30% (dividend adjusted) since May and thus the stock has realised much of the downside potential, in our view. However, we maintain our negative market outlook for dry bulk near-term and expect asset values to converge lower on muted freight rates and limited positive triggers in the coming months. Combined with elevated sell-side expectations bound to be reduced, we reiterate our SELL and have cut our target price to NOK92 (98).
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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