DNB Markets Stock Recommendations and Price Targets

This is a list of recent ratings by DNB Markets.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
3/23/2023	SUSRF Surgical Science Sweden AB (publ)	Initiated Coverage	$15.00		Buy	Low
3/22/2023	AXFOF Axfood AB (publ)	Upgrade	$28.00		Hold ➝ Buy	Low
3/17/2023	AKRTF Aker Solutions ASA	Upgrade	$4.00		Hold ➝ Buy	Low
3/14/2023	DNNGY Ørsted A/S	Initiated Coverage	$27.00		Sell	Low
3/10/2023	PSKRF Protector Forsikring ASA	Initiated Coverage	$10.00		Buy	Low
3/2/2023	AMBBY Ambu A/S	Upgrade	$14.00		Hold ➝ Buy	Low
2/24/2023	SSHPF Vow ASA	Downgrade	$2.00		Buy ➝ Hold	Low
2/21/2023	WSSTF Western Bulk Chartering AS	Downgrade	$4.00		Buy ➝ Hold	N/A
2/20/2023	CRAYF Crayon Group Holding ASA	Downgrade	$8.00		Buy ➝ Hold	N/A
2/14/2023	SFL SFL	Downgrade	$9.00		Buy ➝ Hold	Low
2/7/2023	MPZZF MPC Container Ships ASA	Downgrade	$2.00		Buy ➝ Hold	Low
2/7/2023	FBGGF Fabege AB (publ)	Downgrade	$8.00		Buy ➝ Hold	Low
2/3/2023	ALFVY Alfa Laval Corporate	Downgrade	$34.00		Buy ➝ Hold	Low
2/2/2023	EPOKY Epiroc AB (publ)	Downgrade	$19.00		Buy ➝ Hold	Low
2/1/2023	HSQVY Husqvarna AB (publ)	Downgrade	$16.00		Hold ➝ Sell	Low
1/30/2023	HXPLF HEXPOL AB (publ)	Downgrade	$12.00		Buy ➝ Hold	Low
1/27/2023	HMNKF HMS Networks AB (publ)	Downgrade	$49.00		Buy ➝ Hold	Low
1/24/2023	KKOYY Kesko Oyj	Initiated Coverage	$10.00		Buy	Low
1/17/2023	NOK Nokia Oyj	Downgrade	$5.00		Buy ➝ Hold	Low
1/17/2023	ERIC Telefonaktiebolaget LM Ericsson (publ)	Downgrade	$5.00		Hold ➝ Sell	Low
1/11/2023	ELKEF Elkem ASA	Downgrade	$4.00		Buy ➝ Hold	Low
1/6/2023	EQNR Equinor ASA	Upgrade	$27.00		Hold ➝ Buy	Low
12/30/2022	GNGBY Getinge AB (publ)	Downgrade	$23.00		Buy ➝ Hold	Low
12/28/2022	CHYHY Chr. Hansen Holding A/S	Upgrade	$18.00		Hold ➝ Buy	Low
12/22/2022	HMNKF HMS Networks AB (publ)	Upgrade	SEK 49	SEK 310 ➝ SEK 375	Hold ➝ Buy	Low
12/21/2022	BLRDF Billerud AB (publ)	Downgrade	SEK 10	SEK 215 ➝ SEK 150	Buy ➝ Hold	Low
12/13/2022	CHYHY Chr. Hansen Holding A/S	Downgrade	$18.00		Buy ➝ Hold	Low
12/13/2022	NVZMY Novozymes A/S	Upgrade	$50.00		Sell ➝ Hold	Low
12/5/2022	IDDTF Industrivarden	Downgrade	$26.00		Buy ➝ Hold	N/A
12/2/2022	KNKBF Kinnevik	Downgrade	$13.00		Hold ➝ Sell	Low
11/25/2022	LBGUF L E Lundbergföretagen AB (publ)	Downgrade	$45.00		Buy ➝ Hold	Low
11/17/2022	BOZTY Boozt AB (publ)	Downgrade	$10.00		Buy ➝ Hold	Low
11/11/2022	SALRF SalMar ASA	Upgrade	$40.00		Hold ➝ Buy	Low
11/10/2022	WSSTF Western Bulk Chartering AS	Upgrade	$4.00		Hold ➝ Buy	N/A
11/10/2022	EQNR Equinor ASA	Downgrade	$27.00		Buy ➝ Hold	N/A
11/9/2022	IVTBF Investment AB Latour (publ)	Upgrade	$21.00		Hold ➝ Buy	N/A
11/4/2022	KHOTF Kahoot! ASA	Upgrade	$2.00		Sell ➝ Hold	Low
11/3/2022	BKFKF P/F Bakkafrost	Upgrade	$58.00		Hold ➝ Buy	Low
10/28/2022	ORKLY Orkla ASA	Downgrade	$7.00		Buy ➝ Hold	N/A
10/27/2022	TBABF Trelleborg AB (publ)	Upgrade	$26.00		Hold ➝ Buy	Low
10/20/2022	AASZF Atlantic Sapphire ASA	Downgrade	$1.00		Buy ➝ Hold	N/A
10/17/2022	GMAB Genmab A/S	Downgrade	$37.00		Buy ➝ Hold	Low
10/4/2022	SALRF SalMar ASA	Downgrade	$40.00		Buy ➝ Hold	Low
9/30/2022	TLTZY Tele2 AB (publ)	Upgrade	$5.00		Hold ➝ Buy	Low
9/30/2022	ELMUF Elisa Oyj	Downgrade	$52.00		Hold ➝ Sell	Low
9/14/2022	DTNOF Dno Asa	Upgrade	$1.00		Hold ➝ Buy	Low
9/13/2022	HNNMY H & M Hennes & Mauritz AB (publ)	Downgrade	$2.00		Buy ➝ Hold	Low
9/12/2022	BRRGF BerGenBio ASA	Downgrade	$2.00		Buy ➝ Hold	Low
9/12/2022	BORR Borr Drilling	Initiated Coverage	$7.00		Buy ➝ Buy	Low
9/9/2022	NLTBF Nolato AB (publ)	Initiated Coverage	$4.00	$60.00	Hold	Low
9/1/2022	AKRTF Aker Solutions ASA	Upgrade	$4.00		Hold ➝ Buy	Low
8/25/2022	HUFAF Hufvudstaden AB (publ)	Downgrade	$13.00		Hold ➝ Sell	Low
8/24/2022	SFL SFL	Upgrade	$9.00		Hold ➝ Buy	Low
8/12/2022	KHOTF Kahoot! ASA	Downgrade	$2.00		Hold ➝ Sell	Low
8/4/2022	NRYYF Norway Royal Salmon AS	Downgrade	$25.00		Buy ➝ Hold	Low
7/6/2022	NLLSF Nel ASA	Initiated Coverage	$1.00		Hold	N/A
6/30/2022	NHYDY Norsk Hydro ASA	Downgrade	$7.00		Hold ➝ Sell	Low
6/29/2022	ALVO Alvotech	Initiated Coverage	$14.00	$21.00	Buy	Low
6/24/2022	KHOTF Kahoot! ASA	Downgrade	$2.00		Buy ➝ Hold	Low
6/20/2022	NETI Eneti	Initiated Coverage	$10.00	$11.00	Buy	Low
6/15/2022	ALFVY Alfa Laval Corporate	Upgrade	$34.00		Hold ➝ Buy	High
6/10/2022	PRXXF Paradox Interactive AB (publ)	Initiated Coverage	$22.00		Hold	Low
5/19/2022	SCABY Svenska Cellulosa Aktiebolaget SCA (publ)	Initiated Coverage	$13.00		Buy	Low
5/18/2022	EQNR Equinor ASA	Upgrade	$27.00		Hold ➝ Buy	High
5/18/2022	DETNF Aker BP ASA	Upgrade	$23.00		Hold ➝ Buy	Low
5/12/2022	SWMAY Swedish Match AB (publ)	Downgrade	$11.00		Buy ➝ Hold	High
5/9/2022	FLNG FLEX LNG	Downgrade	$33.00		Buy ➝ Hold	High
5/9/2022	SALRF SalMar ASA	Upgrade	$40.00		Hold ➝ Buy	Low
5/2/2022	HXPLF HEXPOL AB (publ)	Upgrade	$12.00		Hold ➝ Buy	High
4/26/2022	CWQXF Castellum AB (publ)	Downgrade	$11.00	$205.00	Buy ➝ Hold	Low
4/25/2022	ENTOF Entra ASA	Downgrade	$12.00		Hold ➝ Sell	Low
4/22/2022	KNKBF Kinnevik	Downgrade	$13.00	$210.00	Buy ➝ Hold	N/A
4/21/2022	MHGVY Mowi ASA	Downgrade	$18.00		Buy ➝ Hold	Low
4/14/2022	BIOVF Swedish Orphan Biovitrum AB (publ)	Upgrade	$23.00		Hold ➝ Buy	Low
4/8/2022	ELMUF Elisa Oyj	Downgrade	$52.00		Buy ➝ Hold	Low
4/5/2022	DNBBY DNB Bank ASA	Lower Price Target	18.00	248.00 ➝ 238.00	Buy ➝ Buy	Medium
3/30/2022	HGDPF SpareBank 1 Helgeland	Upgrade	$14.00		Hold ➝ Buy	Low
3/21/2022	NENTF Viaplay Group AB (publ)	Upgrade	$26.00	$500.00	Buy	N/A
3/18/2022	HSQVY Husqvarna AB (publ)	Downgrade	$16.00		Hold ➝ Sell	Low
3/10/2022	MHGVY Mowi ASA	Upgrade	$18.00		Hold ➝ Buy	Low
3/10/2022	SALRF SalMar ASA	Upgrade	$40.00	$725.00	Hold ➝ Buy	Low
2/25/2022	LBGUF L E Lundbergföretagen AB (publ)	Upgrade	$45.00		Hold ➝ Buy	Low
2/21/2022	KHOTF Kahoot! ASA	Upgrade	$2.00	$41.00	Hold ➝ Buy	Low
2/21/2022	SKFRY AB SKF (publ)	Upgrade	$19.00	$245.00	Hold ➝ Buy	Medium
2/21/2022	EPOKY Epiroc AB (publ)	Upgrade	$19.00		Hold ➝ Buy	Low
2/21/2022	SALRF SalMar ASA	Downgrade	$40.00	$650.00	Buy ➝ Hold	Low
2/18/2022	SFL SFL	Downgrade	$9.00		Buy ➝ Hold	Low
2/17/2022	CWQXF Castellum AB (publ)	Upgrade	$11.00		Hold ➝ Buy	Low
2/17/2022	MHGVY Mowi ASA	Downgrade	$18.00		Buy ➝ Hold	High
2/16/2022	WIHLY Wihlborgs Fastigheter AB (publ)	Upgrade	$6.00		Hold ➝ Buy	Low
2/7/2022	ASAZY ASSA ABLOY AB (publ)	Upgrade	$12.00		Hold ➝ Buy	High
2/7/2022	CABGY Carlsberg A/S	Upgrade	$29.00		Hold ➝ Buy	Low
1/31/2022	ELKEF Elkem ASA	Upgrade	$4.00		Hold ➝ Buy	Low
1/28/2022	ELMUF Elisa Oyj	Upgrade	$52.00		Hold ➝ Buy	Low
1/26/2022	CLPBY Coloplast A/S	Upgrade	$12.00		Sell ➝ Hold	Low
1/24/2022	SEOAY Stora Enso Oyj	Upgrade	$13.00	$20.00	Hold ➝ Buy	High
1/24/2022	UPMMY UPM-Kymmene Oyj	Upgrade	$34.00		Hold ➝ Buy	Low
1/19/2022	AKBLF ALK-Abelló A/S	Upgrade	$14.00	$3,500.00	Hold ➝ Buy	N/A
1/12/2022	KHOTF Kahoot! ASA	Downgrade	$2.00	$44.00	Buy ➝ Hold	Medium
1/11/2022	CWQXF Castellum AB (publ)	Downgrade	$11.00		Buy ➝ Hold	Low