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	Rating
12/4/2025	NRDBY Nordea Bank	Downgrade	$18.00	Buy ➝ Neutral
11/6/2025	NRDBY Nordea Bank	Upgrade	$18.00	Reduce ➝ Buy
10/31/2025	NSKFF Kongsberg Gruppen ASA	Upgrade	$24.00	Buy
10/22/2025	GNGBY Getinge	Upgrade	$22.00	Hold ➝ Buy
10/20/2025	TMRAY Tomra Systems ASA	Upgrade	$14.00	Buy
10/6/2025	ORINY Orion OYJ	Upgrade	$35.00	Hold ➝ Buy
7/23/2025	ALFVY Alfa Laval	Upgrade	$49.00	Sell ➝ Hold
5/22/2025	THUPY Thule Group AB (publ)	Upgrade	$13.00	Hold ➝ Buy
5/21/2025	NRDBY Nordea Bank	Downgrade	$18.00	Buy ➝ Reduce
4/23/2025	SSAAY SSAB	Downgrade	$4.00	Hold
2/6/2025	EQNR Equinor ASA	Upgrade	$23.00	Hold ➝ Buy
2/4/2025	ORINY Orion OYJ	Downgrade	$35.00	Hold
10/12/2023	GMAB Genmab A/S	Downgrade	$32.00	Buy ➝ Hold
9/12/2023	GJNSY Gjensidige Forsikring ASA	Upgrade	$28.00	Hold ➝ Buy
8/31/2023	DNNGY Ørsted A/S	Downgrade	$7.00	Buy ➝ Hold
8/29/2023	VWDRY Vestas Wind Systems AS	Upgrade	$8.00	Hold ➝ Buy
8/25/2023	NLTBF Nolato AB (publ)	Upgrade	$6.00	Hold ➝ Buy
8/22/2023	ELKEF Elkem ASA	Downgrade	$3.00	Buy ➝ Hold
8/8/2023	WILYY Demant A/S	Upgrade	$16.00	Hold ➝ Buy
7/31/2023	FOJCY Fortum Oyj	Upgrade	$4.00	Hold ➝ Buy
7/20/2023	VLVLY AB Volvo	Downgrade	$31.00	Buy ➝ Hold
7/17/2023	EQBBF EQT AB (publ)	Upgrade	$34.00	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	$9.00	Buy ➝ Hold
5/12/2023	SALRF SalMar ASA	Downgrade	$54.00	Buy ➝ Hold
5/12/2023	RKWBF Rockwool A/S	Downgrade	$33.00	Hold ➝ Sell
5/10/2023	ORKLY Orkla Asa	Upgrade	$11.00	Hold ➝ Buy
5/5/2023	BKFKF P/F Bakkafrost	Downgrade	$44.00	Buy ➝ Hold
5/2/2023	SBBTF Schibsted ASA	Upgrade	$28.00	Hold ➝ Buy
4/14/2023	BIOVF Swedish Orphan Biovitrum	Upgrade	$35.00	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	$35.00	Buy ➝ Hold
2/15/2023	NHYDY Norsk Hydro ASA	Upgrade	$7.00	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	PANDY Pandora A/S	Upgrade	$47.00	Sell ➝ Hold
2/9/2023	EQNR Equinor ASA	Upgrade	$23.00	Hold ➝ Buy
2/8/2023	NDCVF Nordic Semiconductor ASA	Downgrade	$14.00	Buy ➝ Sell
2/8/2023	BDNNY Boliden AB (publ)	Downgrade	$99.00	Buy ➝ Hold
2/7/2023	NWARF Norwegian Air Shuttle ASA	Upgrade	$2.00	Hold ➝ Buy
2/6/2023	TELNY Telenor ASA	Upgrade	$14.00	Hold ➝ Buy
2/3/2023	KNKBF Kinnevik	Downgrade	$2.00	Hold ➝ Sell
2/2/2023	HSQVY Husqvarna AB (publ)	Downgrade	$10.00	Hold ➝ Sell
2/2/2023	AXFOF Axfood AB (publ)	Downgrade	$24.00	Buy ➝ Sell
1/31/2023	EKTAY Elekta	Upgrade	$6.00	Hold ➝ Buy
1/31/2023	ALV Autoliv	Downgrade	$118.00	Buy ➝ Sell
1/26/2023	AXFOF Axfood AB (publ)	Downgrade	$24.00	Buy ➝ Hold
1/24/2023	ALFVY Alfa Laval	Downgrade	$49.00	Buy ➝ Hold
1/13/2023	ATLKY Atlas Copco	Downgrade	$18.00	Buy ➝ Hold
12/21/2022	HOEGF Höegh Autoliners ASA	Initiated Coverage	$9.00	Buy
12/20/2022	FNOXF Fortnox AB (publ)	Initiated Coverage	$8.00	Buy
12/15/2022	BOZTY Boozt AB (publ)	Upgrade	$12.00	Hold ➝ Buy
12/14/2022	SKFRY AB SKF	Downgrade	$27.00	Hold ➝ Sell
12/12/2022	LYSFY Lerøy Seafood Group ASA	Upgrade	$9.00	Hold ➝ Buy
12/12/2022	SALRF SalMar ASA	Upgrade	$54.00	Hold ➝ Buy
12/12/2022	BKFKF P/F Bakkafrost	Upgrade	$44.00	Hold ➝ Buy