Morgan Stanley initiates Kongsberg at equal-weight; maritime challenges offset defense gains

Kongsberg Gruppen ASA

04/09/2025 11:17

** Morgan Stanley initiates Kongsberg Gruppen KOG.OL with 'equal-weight', saying company's strong defense prospects are already priced into the stock, leaving limited upside potential

** "Kongsberg shows superiority in its Defence portfolio, while Maritime faces challenges," MS analysts says

** MS sees that Kongsberg's Defense division has strong market positioning with ~45% European market share and 6x higher missile demand

** Broker notes the Maritime division faces a 60% contracting downturn year-to-date, with analysts 7% below consensus on 2027 sales due to 2-year lag between orders and deliveries

** MS sets price target at NOK 270, implying ~10% downside from current levels around NOK 300

 (Reporting by Agnieszka Olenska)

 ((Agnieszka.Olenska@thomsonreuters.com;))