Barclays downgrades Telenor to 'underweight', cites 'temporary pause' in growth momentum

Telia AB

23/06/2026 08:53

** Barclays downgrades Norwegian telecommunications operator Telenor TEL.OL to "underweight" as momentum in Norway and Finland is set to ease during the second quarter
** The brokerage expects a "temporary pause" in growth for Nordic telecom companies, pressured by tough comparables in Norway and operational struggles in Finland and Bangladesh
** Barclays adds that the Finnish market has entered a disruptive phase with elevated competition and aggressive promotions pressuring average revenue per user across operators
** The broker cuts its price target for Telenor by 12.5% to NOK 140 from NOK 160, anticipating its EBITDA or core operational profitability to turn negative in the near term
** Barclays also upgrades Swedish peer Telia TELIA.ST to "equal weight" from "underweight", citing steady execution in its domestic market that limits downside risks
** Broker keeps its overall industry view for the broader European telecom services sector unchanged at "neutral"


COMPANY
NEW RATING
OLD RATING
NEW PT
OLD PT
Telenor 
"underweight"
"equal weight"
NOK 140
NOK 160
Telia 
"equal weight"
"underweight"
SEK 51
SEK 37

 (Reporting by Agnieszka Gosciak-Rabalska)
 ((Agnieszka.Gosciak@thomsonreuters.com))