Mowi delivered a report largely in line with expectations following its trading update. Costs were not guided down further after a solid drop in Q2 leaving estimates and the investment case largely unchanged; hampered by the current salmon price environment. The stock has been strong YTD and we thus struggle to find the risk/reward profile more attractive in Mowi than in other names at the moment. We reiterate Hold and our TP of NOK 200/sh.
