Jefferies starts Nordnet at 'hold', Avanza at 'underperform' on growth risks

Avanza Bank Holding AB (publ)

08/07/2026 11:58

** Jefferies initiates Nordic investment platforms Nordnet SAVE.ST at "hold" and Avanza AVANZ.ST at "underperform" as the latter faces higher execution risks in its expansion plans
** The brokerage notes Nordnet plans to enter the large German market where it will face less competition while Avanza is expanding into Denmark against well-established incumbents
** Highlights that Avanza is building a platform using artificial intelligence from scratch, leading the firm to take a "bigger chance on a smaller prize" than its rival
** Sets price targets of SEK 385 for Nordnet and SEK 335 for Avanza, forecasting an EPS compound annual growth rate of 11% for Nordnet to 2028 versus 8% for Avanza
** Adds that Nordnet boasts a preferable distribution policy and buys back shares while Avanza absorbs capital by growing its on-balance sheet deposits

 ($1 = 9.6846 Swedish crowns)

 (Reporting by Marta Frackowiak)
 ((marta.frackowiak@thomsonreuters.com))