Nordea (Buy, TP: SEK107.00) - Let’s leave 2017 behind
Nordea’s Q4 result marked the end to an overall disappointing 2017 burdened by raised cost guidance and a poor revenue trend, accentuated in Q4 by among others a surprisingly large 3% underlying NII dip QOQ. That said, we expect improving revenue and earnings momentum from here and see the yield case as very much intact, backed by a strong balance sheet. We reiterate BUY, with a reduced SEK107 (110) target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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