DNB Carnegie cuts Aker BP to 'hold', seeing few near-term catalysts
BUZZ-DNB Carnegie cuts Aker BP to 'hold', seeing few near-term catalysts ** DNB Carnegie downgrades Norwegian oil and gas producer Aker BP AKRBP.OL to "hold" from "buy", saying it sees few near-term catalysts and considers the shares fairly valued
** The brokerage expects Q3 production to slightly disappoint the market, as it has a cautious view on the Johan Sverdrup field and sees limited contribution from Skarv Satellites
** The broker says that despite a strong free cash flow generation forecast for 2026, it expects Aker BP to prioritise deleveraging over extraordinary dividends
** It sees a possibility of further capex increases for flagship projects scheduled for start-up in mid-2027, given recent cost overruns
** The broker raises PT by about 3% to NOK 370, in line with the current stock price, citing higher oil and gas price assumptions
** Out of 21 analysts covering the stock, five rate it "strong buy" or "buy", 10 "hold" and six "sell" or "strong sell" - LSEG data
(Reporting by Marta Frackowiak)