Avance Gas was downgraded to “hold” from “buy” by Pareto Securities after Wednesday’s quarterly financial report.

Analyst Eirik Haavaldsen raised the target price to NOK 195 ($18.3) from NOK 162.

‘Blockbusting’ record quarter for Avance Gas leads to ‘stellar’ investor hand-out
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Shares were up as much as 5.4% to NOK 200 on Thursday. The stock has rallied around 80% since a low in March.