Spb Møre (MORG) is trading 9% lower year to date and 17% below the top in mid-February. The bank is one of the banks that will benefit the most from coming rate hikes and so far we uphold our thesis of 3 hikes in 2022, even if the March decision is unchanged. Following an unchanged earnings outlook and a more appealing valuation we upgrade to Buy (Hold) and keep our NOK 465 target price. Post the share split on April 1st our target price will be NOK 93.
