Nordea Markets profits with both salmon farmer’s shares downgraded from buy to hold.
On Monday, Mowi presented its second-quarter trading update and showed results that were slightly better expected.
Read more: Expect more from Mowi after uplifting quarter
“The second quarter market update was 5.1 per cent above consensus and 6.1 per cent above our expectations. (..) After a period in which the Mowi share has performed well, we now see a greater risk in relation to the expected return in the company, since we believe the positive market update was already priced into the share price,” wrote Nordea Markets in an update on Tuesday according to TDN Finance.
On Tuesday morning, Mowi was trading at near an all-time high, at NOK 216.
Nordea analyst Kolbjørn Giskeødegård also sees limited upside in the SalMar share.
“The harvesting update for the second quarter was about 10 percent better than we expected, but we will not make any changes in our estimates for harvesting volumes for the full year 2019. Higher harvest volumes indicate lower harvest volumes later. (..) After an increase of 20 per cent in July, we see a less attractive risk against the return in the share,” wrote the Nordic investment bank.
SalMar last traded at NOK 435.
