Analysts at DnB Markets say Atlantic Sapphire's recent $90 million (€79.5 million) capital raise and its ambitious new strategic plan give the company's share price room to grow on the Oslo Merkur market, but gives the project a 40 percent chance of reaching its goals.

DnB analysts set a price target of NOK 150 (€15/$18), but remain cautious about the company given the risks. The company's current share price hovers at around NOK 102 (€ 10.2/$12.2),