Swedbank upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank analyst Kazim Andac upgraded Swedbank to Buy from Hold with a price target of SEK 260, up from SEK 247. Swedbank’s “sector leading” efficiency, profitability and capital generation has been significantly overshadowed by the Estonian anti money laundering investigation over the last years, the analyst tells investors in a research note. However, judging by the experience of peers, the firm thinks Swedbank’s settlement with authorities “is sooner than later.”