BofA initiates European trading platforms, sees FlatexDEGIRO as top pick

flatexDEGIRO SE

26/11/2025 15:21

** BofA starts coverage of European trading platforms, with a positive outlook on the sector due to increasing investor demand, innovative products and attractive value propositions driving share gains

** BofA initiates FlatexDEGIRO FTKn.DE and Swissquote SQN.S at "buy," Avanza at "neutral" and Nordnet SAVE.ST at "underperform," while downgrading previously covered FinecoBank FBK.MI to "neutral" from "buy"

** It says FlatexDEGIRO represents its top pick, citing "bullish revenue growth supported by transactions (up 37% in October)", above-guidance forecasted growth, and product expansion while shares are trading at premium relative to peers

** It sees Swissquote trading at premium as well, expecting it to beat its 2025 revenue forecast, while its crypto offering boosts its upside potential

** While continuing to see strong growth trajectories for both, the brokerage explains its lower rating for Fineco and Avanza on limited near-term upside, as it sees the Italian fintech's gains already largely priced in and most of Avanza's benefits coming towards 2030

COMPANY
RATING
OLD RATING
PT
UPSIDE PTNL.
FlatexDEGIRO
Buy
N/A
EUR 37.4
19%
Swissquote
Buy
N/A
CHF 543
15%
FinecoBank
Neutral
Buy
EUR 22.4
7%
Avanza
Neutral
N/A
SEK 385
7%
Nordnet
Underperform
N/A
SEK 252
-7%

 (Reporting by Mirko Miorelli)

 ((Mirko.miorelli@thomsonreuters.com))