Pareto Securities Stock Recommendations and Price Targets

This is a list of recent ratings by Pareto Securities.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
10/16/2023	LPG Dorian LPG	Upgrade	$40.00	$27.00 ➝ $35.00	Hold ➝ Buy	Low
10/4/2023	MPZAF Mips AB (publ)	Upgrade	$49.00		Hold ➝ Buy	N/A
10/2/2023	NLLSF Nel ASA	Upgrade	$0.00		Sell ➝ Hold	Low
10/2/2023	CLVSF CellaVision AB (publ)	Upgrade	$20.00		Hold ➝ Buy	N/A
8/24/2023	TTBKF 2020 Bulkers	Upgrade	$15.00		Hold ➝ Buy	Low
8/18/2023	SFL SFL	Downgrade	$13.00	$11.00	Buy ➝ Hold	Low
8/17/2023	SPIZF Sparebanken Vest	Downgrade	$9.00		Buy ➝ Hold	Low
8/17/2023	SRMGF SpareBank 1 SMN	Downgrade	$12.00		Buy ➝ Hold	Low
8/14/2023	SALRF SalMar ASA	Upgrade	$64.00		Hold ➝ Buy	Low
7/28/2023	NDRBF NIBE Industrier AB (publ)	Upgrade	$4.00		Hold ➝ Buy	Low
7/14/2023	MPZAF Mips AB (publ)	Upgrade	$49.00		Sell ➝ Hold	N/A
6/30/2023	GKSGF Grenke	Upgrade	$22.00		Hold ➝ Buy	Low
6/28/2023	THUPY Thule Group AB (publ)	Upgrade	$14.00		Hold ➝ Buy	Low
6/26/2023	AKCCF Aker Carbon Capture ASA	Upgrade	$1.00		Hold ➝ Buy	Low
6/19/2023	NSKFF Kongsberg Gruppen ASA	Upgrade	$68.00		Hold ➝ Buy	Low
5/30/2023	INDHF INDUS	Initiated Coverage	$22.00		Buy	Low
5/26/2023	AVACF Avance Gas	Upgrade	$13.00		Hold ➝ Buy	Low
5/22/2023	BWLLY BW LPG	Upgrade	$12.00		Hold ➝ Buy	Low
5/12/2023	GOGL Golden Ocean Group	Upgrade	$13.00		Sell ➝ Hold	Low
5/12/2023	TGSGY Tgs Asa	Upgrade	$12.00		Hold ➝ Buy	Low
5/10/2023	ORKLY Orkla ASA	Upgrade	$7.00		Hold ➝ Buy	Low
5/10/2023	OCS Oculis	Initiated Coverage	$12.00	$23.00	Buy	Low
5/8/2023	BSKZF Bambuser AB (publ)	Upgrade	$0.00		Hold ➝ Buy	Low
5/5/2023	KHOTF Kahoot! ASA	Downgrade	$4.00		Buy ➝ Hold	Low
5/5/2023	GKSGF Grenke	Downgrade	$22.00		Buy ➝ Hold	Low
5/2/2023	PXPHF Pexip Holding ASA	Upgrade	$3.00		Hold ➝ Buy	N/A
5/2/2023	KMBIF Kambi Group	Upgrade	$9.00		Sell ➝ Hold	Low
5/2/2023	EPOKY Epiroc AB (publ)	Upgrade	$19.00		Sell ➝ Hold	Low
4/26/2023	WRTBY Wärtsilä Oyj Abp	Upgrade	$3.00		Hold ➝ Buy	Low
4/21/2023	ARRJF Arjo AB (publ)	Upgrade	$5.00		Sell ➝ Hold	Low
4/21/2023	TELNY Telenor ASA	Downgrade	$11.00		Buy ➝ Hold	Low
4/18/2023	CLVSF CellaVision AB (publ)	Downgrade	$20.00		Buy ➝ Hold	Low
4/18/2023	ARHVF Archer	Upgrade	$0.00		Hold ➝ Buy	Low
3/29/2023	KMBIF Kambi Group	Downgrade	$9.00		Hold ➝ Sell	Low
3/6/2023	FBGGF Fabege AB (publ)	Upgrade	$9.00		Hold ➝ Buy	Low
2/28/2023	LUNMF Lundin Mining	Upgrade	$11.00		Hold ➝ Buy	Low
2/23/2023	SALRF SalMar ASA	Downgrade	$64.00		Buy ➝ Hold	Low
2/20/2023	OUKPY Metso Oyj	Upgrade	$6.00		Hold ➝ Buy	Low
2/17/2023	STLFF Stillfront Group AB (publ)	Upgrade	$1.00		Hold ➝ Buy	Low
2/16/2023	NDRBF NIBE Industrier AB (publ)	Upgrade	$4.00		Sell ➝ Hold	Low
2/15/2023	NWARF Norwegian Air Shuttle ASA	Upgrade	$2.00		Hold ➝ Buy	Low
2/13/2023	GOGL Golden Ocean Group	Downgrade	$13.00		Hold ➝ Sell	Low
2/13/2023	TGSGY Tgs Asa	Downgrade	$12.00		Buy ➝ Hold	Low
2/9/2023	EQNR Equinor ASA	Upgrade	$27.00		Hold ➝ Buy	Low
2/6/2023	ELUXY AB Electrolux (publ)	Downgrade	$16.00		Buy ➝ Hold	Low
2/2/2023	GNGBY Getinge AB (publ)	Downgrade	$20.00		Buy ➝ Hold	Low
1/31/2023	ASCJF Amsc Asa	Upgrade	$3.00		Hold ➝ Buy	N/A
1/26/2023	ARRJF Arjo AB (publ)	Downgrade	$5.00		Hold ➝ Sell	Low
1/26/2023	NDRBF NIBE Industrier AB (publ)	Downgrade	$4.00		Hold ➝ Sell	Low
1/25/2023	FBGGF Fabege AB (publ)	Downgrade	$9.00		Buy ➝ Hold	Low
1/25/2023	MPZAF Mips AB (publ)	Downgrade	$49.00		Hold ➝ Sell	N/A
1/18/2023	VWSYF Vestas Wind Systems A/S	Downgrade	$25.00		Buy ➝ Hold	Low
1/9/2023	NSKFF Kongsberg Gruppen ASA	Downgrade	$68.00		Buy ➝ Hold	Low
1/4/2023	ADEVF Adevinta ASA	Upgrade	$11.00		Hold ➝ Buy	Low
12/21/2022	BDNNY Boliden AB (publ)	Downgrade	$63.00		Buy ➝ Hold	Low
12/15/2022	ARRJF Arjo AB (publ)	Downgrade	$5.00		Buy ➝ Hold	Low
12/13/2022	TBABF Trelleborg AB (publ)	Downgrade	$35.00		Buy ➝ Hold	Low
11/30/2022	ATLKY Atlas Copco	Downgrade	$17.00		Buy ➝ Hold	Low
11/23/2022	ASCJF Amsc Asa	Downgrade	$3.00		Buy ➝ Hold	N/A
11/21/2022	KHOTF Kahoot! ASA	Initiated Coverage	$4.00		Buy	Low
11/16/2022	QNTFF Quantafuel AS	Downgrade	$0.00		Buy ➝ Hold	N/A
11/16/2022	FLNG FLEX LNG	Downgrade	$26.00		Buy ➝ Hold	Low
11/9/2022	BKFKF P/F Bakkafrost	Downgrade	$59.00		Buy ➝ Hold	N/A
10/26/2022	AVACF Avance Gas	Downgrade	$13.00		Buy ➝ Hold	Low
10/24/2022	TMRAY Tomra Systems ASA	Upgrade	$13.00		Sell ➝ Hold	Low
10/21/2022	TLTZY Tele2 AB (publ)	Upgrade	$4.00		Hold ➝ Buy	Low
10/21/2022	TTBKF 2020 Bulkers	Downgrade	$15.00		Buy ➝ Hold	N/A
10/20/2022	ATLKY Atlas Copco	Upgrade	$17.00		Hold ➝ Buy	Low
10/18/2022	MPZAF Mips AB (publ)	Downgrade	$49.00		Buy ➝ Hold	N/A
10/17/2022	HYQ Hypoport	Set Price Target	€225.00	€225.00		N/A
10/12/2022	BKFKF P/F Bakkafrost	Upgrade	$59.00		Hold ➝ Buy	Low
10/6/2022	TMRAY Tomra Systems ASA	Downgrade	$13.00		Hold ➝ Sell	Low
9/20/2022	SBLK Star Bulk Carriers	Upgrade	$23.00		Hold ➝ Buy	Low
9/9/2022	MWTRF Meltwater	Downgrade	$2.00		Buy ➝ Hold	Low
9/5/2022	AKRTF Aker Solutions ASA	Upgrade	$3.00		Hold ➝ Buy	Low
8/30/2022	BWLLY BW LPG	Downgrade	$12.00		Buy ➝ Hold	Low
8/25/2022	RIG Transocean	Upgrade	$6.00		Hold ➝ Buy	Low
8/25/2022	HUFAF Hufvudstaden AB (publ)	Downgrade	$12.00		Buy ➝ Hold	Low
8/18/2022	SPRBF SpareBank 1 Østlandet	Upgrade	$12.00		Hold ➝ Buy	N/A
7/27/2022	STLFF Stillfront Group AB (publ)	Downgrade	$1.00		Buy ➝ Hold	Low
7/5/2022	PGEJF Pgs Asa	Upgrade	$1.00		Hold ➝ Buy	N/A
6/29/2022	XXLLY Xxl Asa	Downgrade	$0.00		Hold ➝ Sell	Low
6/28/2022	SHASF ShaMaran Petroleum	Initiated Coverage	$0.00		Buy ➝ Buy	Low
6/24/2022	CADLF Cadeler A/S	Upgrade	$5.00		Hold ➝ Buy	Low
6/16/2022	TGSGY Tgs Asa	Upgrade	$12.00		Hold ➝ Buy	Low
6/15/2022	NGXXF NGEx Minerals	Initiated Coverage	$7.00		Buy	N/A
6/2/2022	IVTBF Investment AB Latour (publ)	Upgrade	$27.00		Sell ➝ Hold	N/A
6/2/2022	CRAYF Crayon Group Holding ASA	Initiated Coverage	$7.00		Buy	N/A
6/2/2022	CALT Calliditas Therapeutics AB (publ)	Initiated Coverage	$19.00		Buy	Low
5/25/2022	TRMD TORM	Initiated Coverage	$33.00		Buy	High
5/25/2022	AAALF Aareal Bank	Downgrade	$30.00		Buy ➝ Hold	Low
5/13/2022	SPRBF SpareBank 1 Østlandet	Upgrade	$12.00		Hold ➝ Buy	N/A
5/12/2022	ADEVF Adevinta ASA	Initiated Coverage	$11.00		Hold	Low
5/11/2022	NSKFF Kongsberg Gruppen ASA	Upgrade	$68.00		Sell ➝ Hold	High
5/3/2022	AULRF AURELIUS Equity Opportunities SE & Co. KGaA	Initiated Coverage	$19.00		Buy	Low
4/26/2022	NSKFF Kongsberg Gruppen ASA	Downgrade	$68.00	$400.00	Buy ➝ Hold	Low
4/14/2022	KMBIF Kambi Group	Downgrade	$9.00	$200.00	Hold	N/A
4/8/2022	PXPHF Pexip Holding ASA	Downgrade	$3.00		Buy ➝ Hold	N/A
4/4/2022	SCTBF Securitas AB (publ)	Upgrade	$10.00	$155.00	Hold ➝ Buy	Low
4/1/2022	LYSFY Lerøy Seafood Group ASA	Upgrade	$9.00		Hold ➝ Buy	N/A