HUNT-NO (BUY, TP NOK 5.8) Hunter Is Hitting All the Targets (7-page report)

Since our initiation in early April, Hunter has moved ahead on its three options and have added another three to its portfolio. Today, the company announced an equity raise of gross ~$64m which would leave the company fully financed until 2Q19. We raise our TP to NOK 5.8/sh (from 3.8) due to the accretive effect of the new equity and as newbuilding prices continues to rise. We reiterate our BUY recommendation with increased conviction.