SB1 Markets repeats its Buy rating for video technology company Appear but cuts its price target to NOK 50 from NOK 60.
The bank cuts its 2026 revenue forecast by 9 percent to NOK 817 million, below the company’s guidance of NOK 880-920 million. The EBITDA forecast after capitalized development costs is cut by 35 percent.
Delayed customer investments and negative currency effects increase the risk of a new profit warning. SB1 nevertheless considers the weakness to be largely priced in.
The stock is valued at 6.9 times EV/EBITDA for 2027.
