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
9/30/2022	ORINY Orion Oyj	Upgrade	$20.00		Hold ➝ Buy	Low
9/26/2022	AMKBY A.P. Møller - Mærsk A/S	Downgrade	$9.00		Hold ➝ Sell	Low
9/22/2022	FOJCY Fortum Oyj	Upgrade	$3.00		Hold ➝ Buy	Low
9/13/2022	MTSAF Metsä Board Oyj	Upgrade	$13.00		Hold ➝ Buy	Low
9/13/2022	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Upgrade	$13.00		Hold ➝ Buy	Low
9/13/2022	SEOAY Stora Enso Oyj	Upgrade	$13.00		Hold ➝ Buy	Low
9/13/2022	UPMMY UPM-Kymmene Oyj	Upgrade	$32.00		Hold ➝ Buy	Low
8/26/2022	SALRF SalMar ASA	Upgrade	$35.00		Hold ➝ Buy	Low
8/25/2022	FLNG FLEX LNG	Downgrade	$32.00		Buy ➝ Hold	Low
8/10/2022	WILLF Demant A/S	Initiated Coverage	$25.00		Hold	Low
7/25/2022	SEOAY Stora Enso Oyj	Upgrade	$13.00		Sell ➝ Hold	Low
7/25/2022	HRVFF Harvia Oyj	Downgrade	$59.00		Buy ➝ Hold	Low
7/13/2022	TTALF Terveystalo Oyj	Downgrade	$13.00		Buy ➝ Hold	N/A
6/14/2022	SSAAY SSAB AB (publ)	Downgrade	$2.00		Hold ➝ Sell	High
6/14/2022	OUTKY Outokumpu Oyj	Downgrade	$2.00		Buy ➝ Hold	Low
6/14/2022	MTSAF Metsä Board Oyj	Downgrade	$13.00		Buy ➝ Hold	Low
6/14/2022	SEOAY Stora Enso Oyj	Downgrade	$13.00		Buy ➝ Sell	High
6/14/2022	SCABY Svenska Cellulosa Aktiebolaget SCA (publ)	Downgrade	$16.00		Buy ➝ Hold	Low
6/14/2022	UPMMY UPM-Kymmene Oyj	Downgrade	$32.00		Buy ➝ Hold	High
6/14/2022	ORINF Orion Oyj	Initiated Coverage	$40.00		Buy	Low
6/9/2022	KNYJY KONE Oyj	Upgrade	$19.00		Hold ➝ Buy	Low
6/3/2022	HXGBY Hexagon AB (publ)	Upgrade	$9.00		Hold ➝ Buy	Low
5/24/2022	AZN AstraZeneca	Initiated Coverage	$55.00		Buy	Low
5/13/2022	FOJCY Fortum Oyj	Upgrade	$3.00		Hold ➝ Buy	High
5/9/2022	AMBBY Ambu A/S	Downgrade	$8.00		Buy ➝ Hold	Low
5/6/2022	SKFRY AB SKF (publ)	Upgrade	$13.00		Hold ➝ Buy	High
4/22/2022	KNKBF Kinnevik	Upgrade	$12.00		Sell ➝ Hold	N/A
4/8/2022	SVNLY Svenska Handelsbanken AB (publ)	Upgrade	SEK 4	SEK 115	Hold ➝ Buy	Low
4/8/2022	BOZTY Boozt AB (publ)	Downgrade	$5.00		Buy ➝ Hold	High
4/8/2022	SWDBY Swedbank AB (publ)	Upgrade	$13.00		Hold ➝ Buy	Low
4/8/2022	KNYJY KONE Oyj	Upgrade	$19.00		Sell ➝ Hold	Medium
4/7/2022	ARRJF Arjo AB (publ)	Downgrade	$4.00		Buy ➝ Hold	Low
3/30/2022	WRTBY Wärtsilä Oyj Abp	Downgrade	$1.00		Buy ➝ Hold	High
3/9/2022	THUPY Thule Group AB (publ)	Upgrade	$10.00		Hold ➝ Buy	High
2/18/2022	NDRBF NIBE Industrier AB (publ)	Upgrade	$11.00		Hold ➝ Buy	Low
2/17/2022	CCNTF Concentric AB (publ)	Upgrade	$18.00		Hold ➝ Buy	N/A
2/16/2022	MPZAF MIPS AB (publ)	Initiated Coverage	$58.00		Buy	N/A
2/15/2022	EKTAY Elekta AB (publ)	Downgrade	$5.00		Buy ➝ Hold	Medium
2/14/2022	BITGF Biotage AB (publ)	Upgrade	$15.00		Hold ➝ Buy	Low
2/8/2022	QNTFF Quantafuel ASA	Downgrade	1.00	17.00	Buy ➝ Hold	N/A
2/4/2022	SKFRY AB SKF (publ)	Downgrade	$13.00		Buy ➝ Hold	Low
2/3/2022	NVO Novo Nordisk A/S	Upgrade	$100.00		Hold ➝ Buy	Medium
1/31/2022	REVXF Revenio Group Oyj	Upgrade	$44.00		Hold ➝ Buy	Low
1/25/2022	MTSAF Metsä Board Oyj	Upgrade	$13.00		Hold ➝ Buy	Low
1/25/2022	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Upgrade	$13.00		Hold ➝ Buy	Low
1/25/2022	SEOAY Stora Enso Oyj	Upgrade	$13.00	$20.00	Sell ➝ Buy	High
1/25/2022	HLMNY Holmen AB (publ)	Upgrade	$22.00		Hold ➝ Buy	Low
1/25/2022	UPMMY UPM-Kymmene Oyj	Upgrade	$32.00		Sell ➝ Buy	Low
1/19/2022	AKBLF ALK-Abelló A/S	Upgrade	$16.00	$3,600.00	Hold ➝ Buy	N/A
1/12/2022	DNBBY DNB Bank ASA	Upgrade	16.00	230.00	Hold ➝ Buy	Low
12/20/2021	NVO Novo Nordisk A/S	Downgrade	$100.00		Buy ➝ Hold	Medium
11/17/2021	ICCGF ICA Gruppen AB (publ)	Downgrade	$59.00	$533.00	Hold ➝ Sell	Low
11/12/2021	DETNF Aker BP ASA	Downgrade	$30.00		Buy ➝ Hold	Low
11/12/2021	AKAAF Aker ASA	Downgrade	$67.00		Buy ➝ Hold	Low
11/1/2021	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Upgrade	$13.00		Sell ➝ Hold	Low
10/28/2021	EQNR Equinor ASA	Downgrade	$33.00		Hold ➝ Sell	Medium
10/25/2021	TGSGY Tgs Asa	Downgrade	$13.00		Hold ➝ Sell	Low
10/25/2021	SICRF SimCorp A/S	Upgrade	$70.00		Sell ➝ Hold	Low
10/18/2021	CCNTF Concentric AB (publ)	Upgrade	$18.00		Hold ➝ Buy	N/A
10/14/2021	EQNR Equinor ASA	Downgrade	$33.00		Buy ➝ Hold	Low
10/4/2021	AKRTF Aker Solutions ASA	Upgrade	$4.00		Hold ➝ Buy	Low
10/1/2021	SWDBY Swedbank AB (publ)	Downgrade	SEK 13	SEK 187	Buy ➝ Hold	High
9/28/2021	EQNR Equinor ASA	Upgrade	$33.00		Hold ➝ Buy	Low
9/17/2021	AMKBY A.P. Møller - Mærsk A/S	Upgrade	$9.00		Sell ➝ Hold	Low
9/13/2021	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Downgrade	$13.00		Hold ➝ Sell	High
9/13/2021	SEOAY Stora Enso Oyj	Downgrade	$13.00	$15.00	Hold ➝ Sell	High
9/13/2021	UPMMY UPM-Kymmene Oyj	Downgrade	$32.00		Hold ➝ Sell	High
8/20/2021	KOJAF Kojamo Oyj	Downgrade	$25.00		Buy ➝ Hold	Low
7/29/2021	ARRJF Arjo AB (publ)	Upgrade	$4.00		Hold ➝ Buy	Low
7/28/2021	UPNRF Uponor Oyj	Upgrade	$13.00		Hold ➝ Buy	Low
7/22/2021	MXTOF Neles Oyj	Upgrade	$13.00		Hold ➝ Buy	Low
7/7/2021	TMRAY Tomra Systems ASA	Downgrade	$18.00		Buy ➝ Hold	High
7/5/2021	AMBBY Ambu A/S	Upgrade	$8.00		Hold ➝ Buy	High
7/1/2021	OYIEF Ocean Yield ASA	Upgrade	$4.00		Hold ➝ Buy	Low
7/1/2021	ISSDY ISS A/S	Upgrade	$8.00		Hold ➝ Buy	High
6/30/2021	FRO Frontline	Upgrade	$11.00	$9.70	Hold ➝ Buy	High
6/16/2021	EQNR Equinor ASA	Downgrade	$33.00		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	$33.00		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	$13.00		Buy ➝ Hold	Low
5/25/2021	SEOAY Stora Enso Oyj	Downgrade	$13.00		Buy ➝ Hold	Low
5/14/2021	TGSGY Tgs Asa	Downgrade	$13.00		Buy ➝ Hold	Low
5/10/2021	BOZTY Boozt AB (publ)	Upgrade	$5.00		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	$3.00		Sell ➝ Hold	Low
5/3/2021	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Upgrade	$13.00		Hold ➝ Buy	Low
4/30/2021	KNYJY KONE Oyj	Upgrade	$19.00		Sell ➝ Hold	Medium
4/26/2021	HNSBF Hansa Biopharma AB (publ)	Initiated Coverage	$6.00		Buy	Low
4/23/2021	HUSQF Husqvarna AB (publ)	Downgrade	$6.00		Buy ➝ Hold	Low
4/23/2021	THUPY Thule Group AB (publ)	Downgrade	$10.00		Buy ➝ Hold	Low
4/16/2021	FLNG FLEX LNG	Upgrade	$32.00		Hold ➝ Buy	High
4/15/2021	EPOKY Epiroc AB (publ)	Upgrade	$14.00		Sell ➝ Hold	Low
4/14/2021	HLUYY H. Lundbeck A/S	Upgrade	$22.00		Hold ➝ Buy	High
3/31/2021	ALFVY Alfa Laval Corporate	Downgrade	$25.00		Buy ➝ Hold	Medium
3/30/2021	KKOYY Kesko Oyj	Downgrade	$9.00		Hold ➝ Sell	Low
3/10/2021	HMLP Höegh LNG Partners	Upgrade	$9.00		Sell ➝ Hold	Medium
2/26/2021	ISSDY ISS A/S	Downgrade	$8.00		Buy ➝ Hold	Low
2/26/2021	HXPLF HEXPOL AB (publ)	Downgrade	$8.00		Buy ➝ Hold	Low
2/26/2021	SALRF SalMar ASA	Downgrade	$35.00		Buy ➝ Hold	Low