Exane BNP prefers Nordnet over Avanza on better strategic positioning

Avanza Bank Holding AB

03/02/2026 09:30

** Exane BNP Paribas prefers Nordnet SAVE.ST over Avanza Bank AVANZ.ST among Nordic online brokers, citing the former's stronger strategic positioning and potential for positive earnings revisions

** It upgrades Nordnet to "neutral" from "underperform" as its pan-Nordic model offers an edge over its rival's Sweden-only focus, even if remaining cautious on German exposure

** Nordnet's positioning is expected to drive 2-3 percentage points faster revenue growth than Avanza from 2027 onwards, the brokerage says

** It cuts Avanza Bank  to "underperform" from "neutral"

** Out of the 13 analysts covering Nordnet, six rate it "strong buy"/"buy", four "hold", three "sell"/"strong sell" - LSEG data

** For Avanza, out of the 14 analysts, seven rate it "strong buy"/"buy", six "hold", one "sell" - LSEG data

(Reporting by Vera Dvorakova)

((vera.dvorakova@thomsonreuters.com))