Nordea's Valuation Looks Stretched -- Market Talk

Dow Jones03-24

1150 GMT - Nordea shares have had a decent run in the last year, but valuation now looks stretched versus fundamentals, Bank of America Securities analysts write. The net interest income picture is murkier, with management guiding for flat-to-down full-year 2026 net interest income on tighter margins. "We now think Nordea's business is more negatively geared to rates and more reliant on loan growth than previously expected." BofA sees high AI spending risks amid high competition and digitization in the Nordics, while the dividend yield remains below peers' with little scope to raise it. The bank downgrades Nordea to underperform from neutral and lowers its price target on the stock to 171 Swedish kronor from 182 kronor. Shares fall 1.9% to 164 kronor. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

March 24, 2026 07:53 ET (11:53 GMT)

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","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"北欧联合银行的估值看起来过高——市场讨论","themeId":"8603dabb40994e59ac78c04c930c0d49","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"1150 GMT - Nordea shares have had a decent run in the last year, but valuation now looks stretched versus fundamentals, Bank of America Securities analysts write. The net interest income picture is murkier, with management guiding for flat-to-down full-year 2026 net interest income on tighter margins. \"We now think Nordea's business is more negatively geared to rates and more reliant on loan growth than previously expected.\" BofA sees high AI spending risks amid high competition and digitization in the Nordics, while the dividend yield remains below peers' with little scope to raise it. 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