JPM trims PT on Nordea, citing challenges to NII

Nordea Bank Abp

11/12/2024 11:41

** J.P.Morgan trims its PT on Finnish bank Nordea
 NDAFI.HE  by 4% to SEK 120 and sticks to its "underweight"
rating as it expects net interest income (NII) to face
challenges 
     ** Broker notes that falling E3M rates and Nordea's loan
volume growth is slowing down, which may further reduce NII 
     ** It also flags the risk of total shareholder return
coming at the lower end of EUR 17-18 billion guidance in 2022-25
     ** JPM lowers its dividend per share (DPS) estimate to EUR
0.93 from EUR 1.00 and reduces its 2024-27 earnings per share
(EPS) estimates for Nordea by around 2%
  

($1 = 0.9527 euros)

 (Reporting by Agnieszka Olenska)
 ((Agnieszka.Olenska@thomsonreuters.com;))