Recipharm (Hold, TP: SEK105.00) - Focus on growth initiatives
Recipharm is due to report Q1 2018 earnings at 07:45 CET on 27 April. We believe that the Q1 report will likely represent a small step in the right direction, but that the earnings trend should gradually improve more during the rest of the year as new growth initiatives start to ramp up and generate revenues rather than consume capex. We keep our HOLD recommendation and have adjusted our target price to SEK105 (SEK95) on the back of our forecast changes.
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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