Although Lerøy’s Q4/19 results fell 4% short of consensus expectations, their outlook comments should provide support to our expectations of improved operational performance from 2021. We also expect to get further visibility on volume growth and cost improvements at their Capital Markets Day in May/June this year. We still see Lerøy as our preferred stock in the sector, raise our target price to NOK 70 (65) and reiterate our Buy rating.
