Berenberg downgrades Mowi

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Sets price target of NOK 140 per share.

“Mowi has a number of challenges ahead. Among other things, contracts with supermarkets that were signed at good prices in 2019 will soon expire. They have a relatively high stock of frozen products and are exposed to the US which is closed as a result of the corona virus”, the German-owned investment bank wrote in a report Thursday, according to TDN Direkt.

Berenberg estimates are cutting hard.

For 2020-21, earnings per share estimates are cut by an average of 37 per cent.

Just after the opening of the Oslo Stock Exchange Thursday morning Mowi falls 2.2% to NOK 169.