Wednesday May 7, 01:06 PM
DnB NOR "neutral," target price reduced
By J.P. Morgan Securities
LONDON, May 7 (newratings.com) - Analysts at JP Morgan maintain their "neutral" rating on DnB NOR ASA (Oslo: DNBNOR.OL - news) (ticker:
NBA), while reducing their estimates for the company. The target price has been reduced from NOK94 to NOK88.
In a research note published this morning, the analysts mention that the company has posted weak 1Q08 insurance results, with pre-provision operating profits short of the consensus. DnB NOR's results for the quarter were adversely impacted by challenging market conditions, the analysts say. The EPS estimates for 2008 and 2009 have been reduced from NOK 9.2 to NOK8.1 and from NOK9.3 to NOK9.0, respectively.
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