Two aquaculture powerhouses tipped for gains.
DNB Markets remains optimistic about the seafood sector, with Salmar and Mowi as the brokerage’s top picks, according to a sector report released Friday afternoon.
In the report, DNB has revised upward its global supply forecasts for 2025-2026 by 30,000 to 40,000 tonnes.
At the same time, it has adjusted its estimated spot prices downward by 0.2 euros per kilo and reduced production costs by 1.5-3.5 NOK per kilo, driven primarily by lower expected costs in feed production.
On the demand side, the brokerage notes a strong response to increased volumes in Europe, but the recovery in U.S. demand has been slower than anticipated. Overall, demand is picking up, but at a slower pace than initially forecasted.
DNB Markets also highlights the high political risks in certain regions, including Canada, Chile, and Norway, which could potentially impact their estimates for the sector.
Company Recommendations and Price Targets
| Company | Recommendation | Target Price (NOK) |
|---|---|---|
| Arctic Fish | Buy | 80 |
| Austevoll Seafood | Buy | 123 |
| Bakkafrost | Hold | 660 (up from 620) |
| Grieg Seafood | Buy | 71 (up from 69) |
| Icelandic Salmon | Buy | 145 (down from 150) |
| Kaldvik | Buy | 31 (down from 34) |
| Lerøy Seafood | Buy | 60 |
| Mowi | Buy | 235 |
| Måsøval | Buy | 42 (down from 43) |
| Salmar | Buy | 690 |
| Salmon Evolution | Buy | 9.9 |
| Salmones Camanchaca | Buy | 27 |
