Fearnley Fonds Stock Recommendations and Price Targets

This is a list of recent ratings by Fearnley Fonds.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
12/8/2022	GRGSF Grieg Seafood ASA	Upgrade	7.00	81.00	Hold ➝ Buy	Low
12/8/2022	SALRF SalMar ASA	Upgrade	$51.00		Hold ➝ Buy	Low
11/14/2022	GRGSF Grieg Seafood ASA	Downgrade	7.00	76.00	Buy ➝ Hold	Low
11/7/2022	ERII Energy Recovery	Downgrade	$21.00		Buy ➝ Hold	Low
10/18/2022	AASZF Atlantic Sapphire ASA	Downgrade	$0.00	$4.00	Buy ➝ Sell	N/A
9/22/2022	CADLF Cadeler A/S	Initiated Coverage	$4.00		Buy	Low
8/8/2022	VWDRY Vestas Wind Systems A/S	Downgrade	7.00	155.00	Buy ➝ Sell	Low
2/23/2022	BKFKF P/F Bakkafrost	Upgrade	51.00	700.00	Hold ➝ Buy	Low
12/23/2021	ASC Ardmore Shipping	Downgrade	$13.00	$4.10	Hold	Low
12/3/2021	NETI Eneti	Initiated Coverage	$10.00	$13.00	Buy	Low
11/16/2021	STECF Scatec ASA	Upgrade	$13.00		Sell ➝ Buy	Low
11/1/2021	SALRF SalMar ASA	Downgrade	$51.00		Buy ➝ Hold	Low
9/6/2021	SALRF SalMar ASA	Upgrade	$51.00	$700.00	Hold ➝ Buy	Low
5/7/2021	EGLE Eagle Bulk Shipping	Upgrade	$42.00		Hold ➝ Buy	Low
4/21/2021	GNK Genco Shipping & Trading	Upgrade	$14.00	$9.00 ➝ $152.00	Hold ➝ Buy	Low
3/29/2021	DAC Danaos	Initiated Coverage	$66.00	$67.00	Buy	Low
3/10/2021	GUKYF Gulf Keystone Petroleum	Initiated Coverage	$2.00		Buy	Low
2/2/2021	NRYYF Norway Royal Salmon AS	Upgrade	$25.00		Hold ➝ Buy	N/A
12/3/2020	NLLSF Nel ASA	Initiated Coverage	$1.00		Sell	Low
11/27/2020	AKRTF Aker Solutions ASA	Upgrade	$4.00		Hold ➝ Buy	Low
11/27/2020	AVACF Avance Gas	Upgrade	$11.00		Hold ➝ Buy	High
11/27/2020	LPG Dorian LPG	Upgrade	$29.00	$15.00	Hold ➝ Buy	Low
11/3/2020	LNG Cheniere Energy	Initiated Coverage	$163.00	$61.00	Buy	Low