The company’s second quarter results were weaker both in terms of volume and margins. than expected, Nordea markets analyst Kolbjorn Giskeodegard said in a report.
Nordea Markets has reduced its 2011-2012 estimates for Grieg but is keeping a course of NOK 7 (€0.9/$1.3) for the share, along with a sales recommendation.
Giskeodegard pointed out that Grieg has significantly more exposure to spot prices since most of its sale consists of whole fish sold on the spot market. Considering spot prices have fallen to NOK 25 (€3.22/$4.63)
