Christiania Securities recommends “buy” on Norwegian Storebrand

31 May 2010 - Christiania Securities has given a "buy" recommendation on Norwegian insurer Storebrand ASA (OSL: STB) with a share price target at NOK40 and a stop-loss at NOK34.

The share has registered a good development in the long term, but has dropped over the past couple of weeks.

"In the short term, the share has reacted up from support around NOK34 and marginally broken out of resistance from previous bottoms a little below NOK36 and thereby given a new 'buy' signal. Further increase is indicated and there is little resistance before NOK49," head analyst Thomas Nygard said in a recent update.

By 11:53 CET on Monday, the share in Storebrand had slipped 0.94% to NOK34.85 on the Oslo Stock Exchange.

(EUR1 = NOK8)

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