Sweden remains resilient in lackluster Nordic telco quarter, Barclays says

Telenor ASA

03/08/2026 11:46

   ** In a note covering Nordic telcos, Barclays says the sector's Q2 was "somewhat underwhelming" with relatively soft trends in Finland/Norway
** In its view, only Sweden continues to stand out as a rational and resilient market
** While Telia TELIA.ST beat estimates, its Swedish peer Tele2 TEL2b.ST and Finnish operator Elisa ELISA.HE missed analysts expectations
** Q2 earnings miss at Telenor TEL.OL prompted the Norwegian operator to cut guidance
** As the regional headwinds have largely played out, the brokerage upgrades Telenor to "equal weight" from "underweight" with PT trimmed by 4% to NOK 135  
** Despite the earnings miss, Barclays retains Tele2 as its top Nordic pick, citing continued growth potential from a solid domestic pricing environment
     
COMPANY
NEW RATING
OLD RATING
NEW PT
OLD PT
Elisa
Equal Weight
Equal Weight
EUR 40
EUR 40 
Tele2
Overweight
Overweight
SEK 200
SEK 200
Telenor
Equal Weight
Underweight
NOK 135
NOK 140
Telia 
Equal Weight
Equal Weight
SEK 51
SEK 51

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