BNP Paribas downgrades Marine Harvest

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French bank BNP Exane Paribas is downgrading its recommendation on Marine Harvest shares to “outperform” from “neutral”

The price target has been adjusted downwards to 110 kroner (EUR 11.43) per share from an earlier EUR 14.55, TDN reported a note to investors dated Tuesday as saying.

The French lender said supply growth, which was estimated at 10 percent for 2018, will likely weigh down salmon prices to a greater degree than had been expected earlier, a development that suggests, among other things, that the salmon price estimate for 2018 is lowered to EUR 5.20 from EUR 5.72.

BNP Exane Paribas is also cutting the salmon price estimate for 2019 to EUR 5.40 per kilogram from EUR 5.92/kg.