The SalMar stock has fallen 13% since our downgrade. During the same period the OSEBX is up 11%. The strong underperformance is driven by short-term headwinds from low salmon prices. However, we believe the market is becoming well aware of the issues with the salmon price for 2025 and as such we upgrade SalMar to buy with a target price of NOK 500/sh (old 515) with 15% upside.
