Barclays analyst Namita Samtani downgraded Swedbank to Equal Weight from Overweight with a price target of SEK 233, down from SEK 237. The analyst is now more constructive on Norway relative to Sweden, Denmark and the Baltics. The market underappreciates Norwegian bank exposure, given Norway may be the last country within the Nordics and Baltics to cut rates, the analyst tells investors in a research note.
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