Norwegian Air Shuttle (Buy, TP: NOK16.00) - Neutral Q3e and strong outlook
We remain positive ahead of Norwegian Air’s Q3 results (due at 07.00 CET on 28 October), expecting a neutral report and an improved outlook, as evident by a strong pickup in ticket sales following the eased travel restrictions. We reiterate our BUY but have lowered our target price to NOK16 (17), reflecting slight estimate reductions due to higher fuel prices.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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