We find the valuation less demanding, even with the uncertainty over how much of the Q4 gross profit headwinds will persist in Q1 and whether Crayon might be approaching a 2017- or 2018-type of year. Moreover, combined with the upside prospects of a potential take-out by SoftwareONE as early as June, we see a more balanced risk/reward. Thus, we have raised our target price to NOK112 (90) and upgraded to HOLD (SELL).
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