Investment bank expects extensive offshore salmon production for Bakkafrost

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Taking salmon out to the ocean.

The investment bank Kepler Cheuvreux expects significant volume volume growth for the Faroese salmon farmer. In an analysis published on Wednesday, the price target was raised to NOK 735 per share, from the previous NOK 692, with a BUY recommendation.

The banks’ upward adjustment of Bakkafrost comes after the fish farmer included 5,000 tonnes from 2026 in offshore harvest volumes, and expects this figure to grow to 15,000 tonnes in 2029.

When presenting the results for the fourth quarter of 2020, Bakkafrost presented a guided harvest volume, based on sea-based cage farming, of 106,000 tonnes of salmon for 2021. This harvest volume will be divided into 66,000 tonnes in the Faroe Islands and 40,000 tonnes in Scotland.