Citi sees five themes for Nordic telecoms for H2; places Telia on negative watch

Telenor ASA

12/09/2025 08:48

** Citigroup sees five key topics for Nordic telecoms companies in H2, keeping its top "buy" recommendations on Telenor TEL.OL and Tele2 TEL2b.ST, but placing Telia TELIA.ST on negative catalyst watch

** Telia's stock is down around 2%, Citi resumes with "neutral" citing guidance risk

** Overall on the sector, it says competitive dynamics shift, possible consensus upgrades and potential consolidation newsflow will remain as key focus for investors

** Aside those, shareholder returns will be in the spotlight as the year-end approaches, along with future growth levers, it says

COMPANY
NEW RATING
OLD RATING
NEW PT
OLD PT
Tele2
Buy
Buy
185 SEK
146 SEK
Telenor
Buy
Buy
190 NOK
170 NOK
Telia
Neutral
-
36 SEK
-
Elisa
Neutral
Neutral
44 EUR
44 EUR

 (Reporting by Agnieszka Olenska)

 ((Agnieszka.Olenska@thomsonreuters.com))