Barclays double upgrades DNB, cuts three Swedish banks

Reuters

Barclays double upgrades DNB, cuts three Swedish banks

2024 5월 24 일, 오전 10:47 GMT

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** Barclays double upgrades Norway's DNB Bank DNB.OL and cuts three Swedish peers, as it turns more constructive on Norway relative to Sweden, Denmark and the Baltics

** Norway-exposed banks' benefit from their capacity to cut deposit rates and the relatively high (c.75%) percentage of household deposits in saving accounts, it says

** It cuts SEB SEBa.ST and Swedbank SWEDa.ST mainly on exposure to the Lithuanian bank tax and SEB's regulatory challenges amid Basel IV reforms

** It notes Handelsbanken's SHBa.ST lower rate-sensitivity vs Swedish peers, but cuts rating on unclear cost base and lower business returns vs other Nordic peers

** Danske Bank DANSKE.CO is now its least preferred name

** In a higher-for-longer rate environment, Nordic banks have lost their past relative advantages vs European peers, such as earnings defensiveness and capital returns, it adds

COMPANY	NEW RATING	OLD RATING	NEW PT	OLD PT
DNB.OL	Overweight	Underweight	NOK 240	NOK 202
NDAFI.HE	n/a	Overweight	EUR 13.30	EUR 13
SHBa.ST	Equal-weight	Overweight	SEK 109	SEK 120
SWEDa.ST	Equal-weight	Overweight	SEK 233	SEK 237
SEBa.ST	Underweight	Equal-weight	SEK 124	SEK 126
DANSKE.CO	n/a	Underweight	n/a	DKK 165

Reporting by Anna Chaberska

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