Initiatives in place for 2018e recovery
Q2 proved even more challenging than expected for Humana; however, with management saying that all initiatives are now in place for a reversal of trends in 2018, focus has shifted from near-term adjustments to the attractive valuation and strong mid-term outlook. We see solid value support for the shares and reiterate our BUY recommendation; however, owing to slightly lower forecasts and peer group valuation movements, we have cut our target price to SEK78 (81).
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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