Swedbank downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Swedbank to Neutral from Overweight with a price target of SEK 205, down from SEK 230. 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.