NTG (Buy, TP: DKK385.00) - M&A set to boost guidance
We expect still-tough Road market conditions in Q1 to be offset by ITC consolidation, market-share gains, price increases, and a solid start to Air & Ocean. We like the pending DTK deal, adding scale to the Nordic footprint. We reiterate our BUY and have raised our target price to DKK385 (360) after including DTK in our forecasts, partly offset by lower volume growth assumptions from tariffs.NeuroSearch is a biopharmaceutical company focused on the discovery, development and commercialization of new drugs targeting disease areas for which the existing treatment options are insufficient. Co. develops drugs which can improve the quality of life of patients and their relatives through the modulation of ion channels and monoamine systems in the brain.Co.'s work is primarily focused on disorders in the central nervous system (CNS). CNS diseases involve the fields of psychiatry and neurology. Among other things, Co. is working to find new drugs for the treatment of depression, Huntington's disease, ADHD, anxiety, psychoses, Alzheimer's disease, pain, Parkinson's disease and epilepsy.
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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