Nordea Bank downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Sofie Peterzens downgraded Nordea Bank to Neutral from Overweight with a price target of SEK 130, down from SEK 150. The analyst says risks are skewed to the downside for the Swedish banks as they get close to peak net interest income, Sweden entering a recession and excessive build-up of leverage. In addition, the banks have significant commercial real estate exposures, the analyst tells investors in a research note.