DNB Markets downgrades Bakkafrost after heavy losses in Scotland

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Investment bank lowers Bakkafrost from buy to hold, and sets the price target at NOK 630 – down from NOK 700.

Following the profit warning for Bakkafrost on Sunday night, the investment bank DNB Markets expects that a turnaround operation in the UK will probably take longer than and the market had previously anticipated.

The estimate for earnings per share for 2021 has been reduced by 21 per cent, while 2022 has been reduced by 3.4 per cent, reports TDN Direkt.

“We believe that some stability in the UK will be needed to restore confidence in the turnaround operation,” an analyst noted.

Bakkafrost’s share price falls by 11.1 per cent on Monday morning.