Nordea Equity Research Stock Recommendations and Price Targets

This is a list of recent ratings by Nordea Equity Research.

Date	Company Name	Action	Current Price	Price Target	Rating
1/30/2026	AMKBY A.P. Moller-Maersk	Downgrade	$12.00		Buy ➝ Sell
1/28/2026	HMNKF HMS Networks AB (publ)	Upgrade	$47.00		Buy
12/4/2025	NRDBY Nordea Bank	Downgrade	$20.00		Buy ➝ Neutral
11/6/2025	NRDBY Nordea Bank	Upgrade	$20.00		Reduce ➝ Buy
10/31/2025	NSKFF Kongsberg Gruppen ASA	Upgrade	$34.00		Buy
10/22/2025	GNGBY Getinge	Upgrade	$22.00		Hold ➝ Buy
10/20/2025	TMRAY Tomra Systems ASA	Upgrade	$13.00		Buy
10/6/2025	ORINY Orion OYJ	Upgrade	$41.00		Hold ➝ Buy
7/23/2025	ALFVY Alfa Laval	Upgrade	$59.00		Sell ➝ Hold
5/22/2025	THUPY Thule Group AB (publ)	Upgrade	$12.00		Hold ➝ Buy
5/21/2025	NRDBY Nordea Bank	Downgrade	$20.00		Buy ➝ Reduce
4/23/2025	SSAAY SSAB	Downgrade	$4.00		Hold
2/6/2025	EQNR Equinor ASA	Upgrade	$26.00		Hold ➝ Buy
2/4/2025	ORINY Orion OYJ	Downgrade	$41.00		Hold
10/12/2023	GMAB Genmab A/S	Downgrade	$33.00		Buy ➝ Hold
9/12/2023	GJNSY Gjensidige Forsikring ASA	Upgrade	$29.00		Hold ➝ Buy
8/31/2023	DNNGY Ørsted A/S	Downgrade	$8.00		Buy ➝ Hold
8/29/2023	VWDRY Vestas Wind Systems AS	Upgrade	$10.00		Hold ➝ Buy
8/25/2023	NLTBF Nolato AB (publ)	Upgrade	$7.00		Hold ➝ Buy
8/22/2023	ELKEF Elkem ASA	Downgrade	$3.00		Buy ➝ Hold
8/8/2023	WILYY Demant A/S	Upgrade	$18.00		Hold ➝ Buy
7/31/2023	FOJCY Fortum Oyj	Upgrade	$5.00		Hold ➝ Buy
7/20/2023	VLVLY AB Volvo	Downgrade	$37.00		Buy ➝ Hold
7/17/2023	EQBBF EQT AB (publ)	Upgrade	$38.00		Hold ➝ Buy
7/6/2023	HSQVY Husqvarna AB (publ)	Upgrade	$10.00		Sell ➝ Hold
7/3/2023	TPDKY Topdanmark A/S	Downgrade	$5.00		Buy ➝ Hold
6/22/2023	OSSFF Embla Medical hf.	Initiated Coverage	$5.00		Buy
6/21/2023	RKWAF Rockwool A/S	Upgrade	$3.00		Sell ➝ Hold
6/20/2023	NDCVF Nordic Semiconductor ASA	Upgrade	$14.00		Sell ➝ Buy
6/7/2023	NENTF Viaplay Group AB (publ)	Downgrade	$0.00		Buy ➝ Hold
6/6/2023	SREDY Storebrand ASA	Downgrade	$32.00		Buy ➝ Hold
6/6/2023	REVXF Revenio Group Oyj	Upgrade	$25.00		Hold ➝ Buy
5/23/2023	LYSFY Lerøy Seafood Group ASA	Downgrade	$10.00		Buy ➝ Hold
5/12/2023	RKWBF Rockwool A/S	Downgrade	$32.00		Hold ➝ Sell
5/12/2023	SALRF SalMar ASA	Downgrade	$54.00		Buy ➝ Hold
5/10/2023	ORKLY Orkla Asa	Upgrade	$12.00		Hold ➝ Buy
5/5/2023	BKFKF P/F Bakkafrost	Downgrade	$47.00		Buy ➝ Hold
5/2/2023	SBBTF Schibsted ASA	Upgrade	$28.00		Hold ➝ Buy
4/14/2023	BIOVF Swedish Orphan Biovitrum	Upgrade	$37.00		Hold ➝ Buy
4/6/2023	TBABF Trelleborg AB (publ)	Downgrade	$38.00		Buy ➝ Hold
3/29/2023	SBBTF Schibsted ASA	Downgrade	$28.00		Buy ➝ Hold
3/23/2023	BITGF Biotage AB (publ)	Downgrade	$15.00		Buy ➝ Hold
2/24/2023	ADEVF Adevinta ASA	Upgrade	$11.00		Hold ➝ Buy
2/23/2023	BTRCF Better Collective A/S	Downgrade	$12.00		Buy ➝ Hold
2/17/2023	QTGPF Qt Group Oyj	Downgrade	$36.00		Buy ➝ Hold
2/15/2023	NHYDY Norsk Hydro ASA	Upgrade	$9.00		Sell ➝ Hold
2/13/2023	ORINF Orion Oyj	Downgrade	$81.00		Hold ➝ Sell
2/10/2023	FSOYF WithSecure Oyj	Upgrade	$2.00		Hold ➝ Buy
2/9/2023	EQNR Equinor ASA	Upgrade	$26.00		Hold ➝ Buy
2/9/2023	PANDY Pandora A/S	Upgrade	$47.00		Sell ➝ Hold
2/8/2023	BDNNY Boliden AB (publ)	Downgrade	$140.00		Buy ➝ Hold
2/8/2023	NDCVF Nordic Semiconductor ASA	Downgrade	$14.00		Buy ➝ Sell
2/7/2023	NWARF Norwegian Air Shuttle ASA	Upgrade	$2.00		Hold ➝ Buy
2/6/2023	TELNY Telenor ASA	Upgrade	$17.00		Hold ➝ Buy
2/3/2023	KNKBF Kinnevik	Downgrade	$2.00		Hold ➝ Sell