Solon Eiendom (Buy, TP: NOK40.00) - Deal or no deal
Q3 EBIT missed forecasts significantly due to legal costs in connection with the ongoing process to explore “strategic alternatives” and costs related to the change of CEO. However, as the Norwegian housing market continues to behave as if there were no pandemic, we have raised our sales forecasts. We also see more likelihood of a positive outcome to the strategic review thanks to the strong market, hence we have upgraded to BUY(HOLD) and lifted our target to NOK40 (32).Solon Eiendom is a biotechnology company. Co.'s focus is the research and development of peptide based vaccines against viral diseases, primarily human immunodeficiency virus (HIV). As of Dec 31 2013, Co.'s clinical development pipeline comprised of two vaccine candidates for the treatment of HIV, Vacc-4X and Vacc-C5. Vacc-4X is being investigated in two phases II trials in collaboration with Celgene Inc.
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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