Swedbank upgraded to Buy from Hold at Berenberg

Berenberg upgraded Swedbank to Buy from Hold with a price target of SEK 240, up from SEK 180. Swedbank’s 17% average annual return on tangible equity is attractive and superior to that of its Nordic peers, the analyst tells investors in a research note. The firm says this strength is underappreciated with the bank trading at a 15% discount to its Nordic peers.