Danske Stock Recommendations and Price Targets

This is a list of recent ratings by Danske.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
11/17/2021	ICCGF ICA Gruppen AB (publ)	Downgrade	$61.00	$533.00	Hold ➝ Sell	Low
11/12/2021	DETNF Aker BP ASA	Downgrade	$36.00		Buy ➝ Hold	Low
11/12/2021	AKAAF Aker ASA	Downgrade	$96.00		Buy ➝ Hold	Low
11/1/2021	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Upgrade	$16.00		Sell ➝ Hold	Low
10/28/2021	EQNR Equinor ASA	Downgrade	$27.00		Hold ➝ Sell	Medium
10/25/2021	TGSGY Tgs Asa	Downgrade	$9.00		Hold ➝ Sell	Low
10/25/2021	SICRF SimCorp A/S	Upgrade	$136.00		Sell ➝ Hold	Low
10/18/2021	CCNTF Concentric	Upgrade	$31.00		Hold ➝ Buy	N/A
10/14/2021	EQNR Equinor ASA	Downgrade	$27.00		Buy ➝ Hold	Low
10/4/2021	AKRTF Aker Solutions ASA	Upgrade	$3.00		Hold ➝ Buy	Low
10/1/2021	SWDBY Swedbank AB (publ)	Downgrade	SEK 21	SEK 187	Buy ➝ Hold	High
9/28/2021	EQNR Equinor ASA	Upgrade	$27.00		Hold ➝ Buy	Low
9/17/2021	AMKBY A.P. Møller - Mærsk A/S	Upgrade	$16.00		Sell ➝ Hold	Low
9/13/2021	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Downgrade	$16.00		Hold ➝ Sell	High
9/13/2021	SEOAY Stora Enso Oyj	Downgrade	$19.00	$15.00	Hold ➝ Sell	High
9/13/2021	UPMMY UPM-Kymmene Oyj	Downgrade	$38.00		Hold ➝ Sell	High
9/3/2021	VNE Veoneer	Downgrade	$35.00	$37.00	Buy ➝ Hold	Medium
8/20/2021	KOJAF Kojamo Oyj	Downgrade	$25.00		Buy ➝ Hold	Low
7/29/2021	ARRJF Arjo AB (publ)	Upgrade	$12.00		Hold ➝ Buy	Low
7/28/2021	UPNRF Uponor Oyj	Upgrade	$24.00		Hold ➝ Buy	Low
7/22/2021	MXTOF Neles Oyj	Upgrade	$15.00		Hold ➝ Buy	Low
7/7/2021	TMRAY Tomra Systems ASA	Downgrade	$69.00		Buy ➝ Hold	High
7/5/2021	AMBBY Ambu A/S	Upgrade	$26.00		Hold ➝ Buy	High
7/1/2021	OYIEF Ocean Yield ASA	Upgrade	$4.00		Hold ➝ Buy	Low
7/1/2021	ISSDY ISS A/S	Upgrade	$9.00		Hold ➝ Buy	High
6/30/2021	FRO Frontline	Upgrade	$7.00	$9.70	Hold ➝ Buy	High
6/16/2021	EQNR Equinor ASA	Downgrade	$27.00		Buy ➝ Hold	High
5/28/2021	DDRLF Drilling Company of 1972 A/S	Upgrade	$36.00		Hold ➝ Buy	N/A
5/26/2021	NLFKF Nilfisk Holding A/S	Upgrade	$30.00		Sell ➝ Hold	Low
5/25/2021	MTSAF Metsä Board Oyj	Downgrade	$13.00		Buy ➝ Hold	Low
5/25/2021	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Downgrade	$16.00		Buy ➝ Hold	Low
5/25/2021	SEOAY Stora Enso Oyj	Downgrade	$19.00		Buy ➝ Hold	Low
5/14/2021	TGSGY Tgs Asa	Downgrade	$9.00		Buy ➝ Hold	Low
5/10/2021	BOZTY Boozt AB (publ)	Upgrade	$19.00		Hold ➝ Buy	Medium
5/7/2021	DDRLF Drilling Company of 1972 A/S	Downgrade	$36.00		Buy ➝ Hold	N/A
5/6/2021	FLIDY FLSmidth & Co. A/S	Upgrade	$4.00		Sell ➝ Hold	Low
5/3/2021	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Upgrade	$16.00		Hold ➝ Buy	Low
4/30/2021	KNYJY KONE Oyj	Upgrade	$35.00		Sell ➝ Hold	Medium
4/26/2021	HNSBF Hansa Biopharma AB (publ)	Initiated Coverage	$10.00		Buy	Low
4/23/2021	HUSQF Husqvarna AB (publ)	Downgrade	$15.00		Buy ➝ Hold	Low
4/23/2021	THUPY Thule Group AB (publ)	Downgrade	$28.00		Buy ➝ Hold	Low
4/16/2021	FLNG FLEX LNG	Upgrade	$21.00		Hold ➝ Buy	High
4/15/2021	EPOKY Epiroc AB (publ)	Upgrade	$25.00		Sell ➝ Hold	Low
4/14/2021	DNKEY Danske Bank A/S	Reiterated Rating	$9.00		Hold	N/A
4/14/2021	HLUYY H. Lundbeck A/S	Upgrade	$25.00		Hold ➝ Buy	High
3/31/2021	ALFVY Alfa Laval AB (publ)	Downgrade	$40.00		Buy ➝ Hold	Medium
3/30/2021	KKOYY Kesko Oyj	Downgrade	$16.00		Hold ➝ Sell	Low
3/10/2021	HMLP Höegh LNG Partners	Upgrade	$4.00		Sell ➝ Hold	Medium
2/26/2021	ISSDY ISS A/S	Downgrade	$9.00		Buy ➝ Hold	Low
2/26/2021	HXPLF HEXPOL AB (publ)	Downgrade	$12.00		Buy ➝ Hold	Low
2/26/2021	SALRF SalMar ASA	Downgrade	$62.00		Buy ➝ Hold	Low
2/24/2021	GMAB Genmab A/S	Upgrade	$40.00		Hold ➝ Buy	Medium
2/19/2021	BIOVF Swedish Orphan Biovitrum AB (publ)	Downgrade	$19.00		Buy ➝ Hold	Low
2/18/2021	FLNG FLEX LNG	Downgrade	$21.00		Buy ➝ Hold	High
2/12/2021	TGSGY Tgs Asa	Upgrade	$9.00		Hold ➝ Buy	Low
2/12/2021	UPNRF Uponor Oyj	Downgrade	$24.00		Buy ➝ Hold	Low
2/8/2021	FLNG FLEX LNG	Upgrade	$21.00		Hold ➝ Buy	Low
2/4/2021	KKOYY Kesko Oyj	Upgrade	$16.00		Sell ➝ Hold	Low
1/27/2021	BIOGY BioGaia AB (publ)	Downgrade	$28.00		Buy ➝ Hold	Low
1/26/2021	NVZMY Novozymes A/S	Upgrade	$79.00		Sell ➝ Hold	Low
1/25/2021	OYIEF Ocean Yield ASA	Downgrade	$4.00		Buy ➝ Hold	High
1/25/2021	TPDKY Topdanmark A/S	Upgrade	$5.00		Hold ➝ Buy	Low
1/18/2021	NRYYF Norway Royal Salmon AS	Upgrade	$24.00		Hold ➝ Buy	N/A
1/15/2021	MCVEF Medicover AB (publ)	Downgrade	$31.00		Buy ➝ Hold	Low
1/12/2021	ORKLY Orkla ASA	Upgrade	$10.00		Hold ➝ Buy	Medium
1/11/2021	BITGF Biotage AB (publ)	Upgrade	$29.00		Hold ➝ Buy	Low
1/11/2021	SALRF SalMar ASA	Upgrade	$62.00		Hold ➝ Buy	Low
1/7/2021	AXFOF Axfood AB (publ)	Upgrade	$25.00		Hold ➝ Buy	N/A
1/7/2021	CHYHY Chr. Hansen Holding A/S	Upgrade	$20.00		Hold ➝ Buy	N/A
1/4/2021	VWDRY Vestas Wind Systems A/S	Downgrade	$11.00		Buy ➝ Hold	N/A
12/9/2020	HUSQF Husqvarna AB (publ)	Upgrade	$15.00		Hold ➝ Buy	Low
12/8/2020	PANDY Pandora A/S	Downgrade	$33.00		Buy ➝ Hold	High
12/4/2020	ROYUF Royal Unibrew A/S	Upgrade	$107.00		Hold ➝ Buy	Low
11/25/2020	TPDKY Topdanmark A/S	Downgrade	$5.00		Buy ➝ Hold	High
11/24/2020	FRO Frontline	Downgrade	$7.00	$7.19	Buy ➝ Hold	Low
11/17/2020	SSAAY SSAB AB (publ)	Downgrade	$3.00		Buy ➝ Hold	Low
11/17/2020	FLNG FLEX LNG	Upgrade	$21.00		Sell ➝ Hold	High
11/13/2020	SALRF SalMar ASA	Downgrade	$62.00		Buy ➝ Hold	Low
11/11/2020	BKFKF P/F Bakkafrost	Downgrade	$69.00		Buy ➝ Hold	Low
11/4/2020	PANDY Pandora A/S	Upgrade	$33.00		Hold ➝ Buy	Low
11/2/2020	NDRBF NIBE Industrier AB (publ)	Upgrade	$14.00		Sell ➝ Hold	Low
10/30/2020	MXTOF Neles Oyj	Downgrade	$15.00		Hold ➝ Sell	Low
10/23/2020	PGSVY Pgs Asa	Downgrade	$0.00		Hold ➝ Sell	High
10/22/2020	ERIC Telefonaktiebolaget LM Ericsson (publ)	Upgrade	$10.00		Hold ➝ Buy	Low
10/13/2020	HSQVY Husqvarna AB (publ)	Downgrade	$31.00		Buy ➝ Hold	Medium
10/9/2020	TGSGY Tgs Asa	Downgrade	$9.00		Buy ➝ Hold	Low
10/9/2020	KKOYY Kesko Oyj	Downgrade	$16.00		Hold ➝ Sell	Low
9/29/2020	THUPY Thule Group AB (publ)	Upgrade	$28.00		Hold ➝ Buy	High
9/8/2020	OYIEF Ocean Yield ASA	Upgrade	$4.00		Hold ➝ Buy	Low
9/8/2020	ELMUF Elisa Oyj	Upgrade	$61.00		Hold ➝ Buy	Low
8/31/2020	FLIDF FLSmidth & Co. A/S	Downgrade	$38.00		Hold ➝ Sell	Low
8/28/2020	ADEVF Adevinta ASA	Upgrade	$13.00		Hold ➝ Buy	N/A
8/18/2020	ROYUF Royal Unibrew A/S	Downgrade	$107.00		Buy ➝ Hold	N/A
8/7/2020	PANDY Pandora A/S	Downgrade	$33.00		Buy ➝ Hold	Low
8/6/2020	HLMNY Holmen AB (publ)	Downgrade	$24.00		Buy ➝ Hold	Low
7/30/2020	LNDNF Lundin Energy AB (publ)	Upgrade	$37.00		Hold ➝ Buy	Low
7/27/2020	HXGBY Hexagon AB (publ)	Downgrade	$15.00		Buy ➝ Hold	Medium
7/23/2020	NHYDY Norsk Hydro ASA	Downgrade	$7.00		Buy ➝ Hold	High
7/22/2020	THUPY Thule Group AB (publ)	Downgrade	$28.00		Buy ➝ Hold	Low
7/17/2020	AKRTF Aker Solutions ASA	Upgrade	$3.00		Sell ➝ Hold	Low