The bank had Cermaq listed on a neutral rating, but is upgrading to a buy with a target share price of NOK 80 (€10.4/$13.6), from its current level of NOK 63 (€8.2/$10.7).
In terms of performance, Cermaq is catching up with Marine Harvest and Leroy Seafood Group, its main rivals in salmon production, and Nutreco subsidiary Skretting, its main rival in salmon feed, said the bank.
For 2010, UBS estimates Cermaq will report revenues of NOK 9.5 billion (€1.2 billion/$1.6 billion), up 6.3
