Sparebanken Møre (MORG) reported a Q2 EPS of NOK 6.9 and a RoE of 8.2%, in line with our estimate and well below most peers. Lending growth in the quarter was solid at 2.2% within retail and 2.1% within corporate. We have made neutral estimate revisions, but our confidence in the coming rate hikes has increased and MORG will be one of the banks benefitting the most from this. Hence, we increase our TP to NOK 415 (400), equal to 10x 2023e EPS and reiterate Buy.
