SFL Corporation Ltd (Hold, TP: USD10.00) - A HOLD on strengthened valuation
The company proposed a strong dividend for Q4, which should lift the valuation, as we see support for the current payout level going forward. However, the stock has been repriced to reflect its current potential in our view, while uncertainty on the Offshore segment remains as Seadrill exits Chapter 11. Thus, following a change of analyst, we have downgraded SFL Corporation to HOLD (BUY), while we have raised our target price to USD10 (9).
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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