Nordea repeats its Hold rating on salmon-farming company Bakkafrost with a price target of NOK 500.
Ahead of the third quarter, the bank expects operating EBIT of DKK 194 million, slightly below consensus. Operations in Scotland are expected to remain under pressure, while the Faroe Islands are expected to show improvements compared with the previous year.
Nordea sees good potential for volume growth and lower political risk than among Norwegian competitors, but high feed costs are weighing. The price target corresponds to a P/E ratio of 13–15 for 2027–2028.
