The comment from DMG & Partners came as Vard lost a fifth of its market value after warning of slightly negative core operating numbers in the third quarter.
Analyst Lee Yue Jer downgraded Vard to sell and took a red pen to earnings estimates for the second time in a week.
Lee last week said that downgrades were likely given the gap among analysts in their outlooks for the company.
“We had not expected the tree to fall that quickly, but Vard’s profit guidance has now put an end to near-term hopes for an earnings recovery,” the analyst wrote today.
The analyst now predicts Vard will post a profit of NOK 295m ($231m) in 2014 and NOK 399m in 2015.
As TradeWinds has reported, the shipbuilder is blaming slower than projected improvements at its Brazilian yard and cost overruns on some orders for the downward profit revision.
