Norwegian Air Shuttle (Hold, TP: NOK255.00) - May traffic statistics preview
We expect a soft set of traffic statistics for May (due at 07:00 CET on 6 June), driven by continued significant long-haul expansion. We have lowered our estimates significantly to reflect revised fuel prices and USDNOK assumptions, and in turn cut our target price to NOK255 (270). However, with the stock now trading in line with our SOTP, we have upgraded our recommendation from SELL to HOLD.Norwegian Air Shuttle is a low cost passenger travel airline. Co. operates both scheduled services and additional charter services. Co. has aircraft bases in Norway, Sweden, Denmark, Finland, Spain and the U.K.
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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