We reiterate our Hold recommendation but raise our TP to NOK 85/sh. We acknowledge that we have been pessimistic on both estimates and valuation multiples but have preferred caution given the opacity of end-markets. Given management’s track record of conservative guidance, we are modelling EBIT at the mid to high end of the guided range. Even so, we continue to view the valuation as demanding, particularly after the stock has more than doubled over the past 12 months. To our knowledge, Kitron ha ....
