Cleaves Securities is recommending disposing of Oslo-listed shares of Avance Gas after what analysts viewed as disappointing second-quarter numbers.
Head of research Joakim Hannisdahl said the company had missed the mark, while Danske Bank analyst Anders Karlsen said the period to 30 June was soft as waiting time and off-hire affected the result.
Cleaves said Avance had "significantly underperformed" and the investment bank has cut its target price for the stock to NOK 22 ($2.46)
