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UBS has raised its target price for Skanska to SEK 195 from SEK 182, maintaining a sell rating. Skanska AB, a leading global construction and public works group, generates 94.3% of its net sales from building and infrastructure projects, with 5.6% from real estate development. Geographically, 48% of sales come from the United States, followed by Sweden (19%), the United Kingdom (11.9%), and Norway (11.6%).
Swiss companies are increasingly investing in India, with the country poised to become ABB's third-largest market after the U.S. and China. A $100 billion trade deal with the European Free Trade Association is expected to enhance Swiss access to India's vast market, reducing tariffs on various exports. This partnership aims to boost India's exports in pharmaceuticals, clothing, and machinery while reflecting a shift in European business strategies amid changing global trade dynamics.
UBS has raised its target price for Equinor ASA to NOK 280 from NOK 275 while maintaining a neutral stance on the company. Equinor, Scandinavia's leading oil firm, generates 98.5% of its net sales from refining and distribution of oil products, with minimal contributions from exploration and production activities.
Norway's struggling krone may strengthen if the central bank implements changes to its currency reserve management. Analysts suggest that a rebound could occur if Norges Bank begins purchasing the krone in response to a new government liquidity management policy, expected to be decided by early next year.
UBS has raised its target price for Svenska Handelsbanken to SEK 99 while maintaining a sell recommendation. The bank, a leading Scandinavian group, derives 96.5% of its income from commercial banking and manages SEK 1,298.5 billion in deposits and SEK 2,282.2 billion in loans as of the end of 2023. Geographically, 64% of its income comes from Sweden, followed by the UK at 21.3%.
UBS has raised its target price for Swedbank to SEK 249, maintaining a Buy rating. Swedbank AB operates primarily in retail banking, which accounts for 81.4% of its revenues, with significant operations in Sweden and the Baltic States. The group also engages in investment banking and is expanding its asset management and insurance services.
UBS has raised its price target for Swedbank to SEK 249, maintaining a Buy rating. Swedbank operates primarily in retail banking, generating 81.4% of its revenues, with significant contributions from Sweden and the Baltic States. The group also engages in investment banking and asset management, managing SEK 1,305.9 billion in deposits and SEK 1,842.8 billion in loans as of the end of 2022.
UBS has raised its target price for Swedbank to SEK 249, maintaining a Buy rating. Swedbank operates primarily in retail banking, which accounts for 81.4% of its income, with significant operations in Sweden and the Baltic States. The group also engages in investment banking and asset management, managing SEK 1,305.9 billion in deposits and SEK 1,842.8 billion in loans as of the end of 2022.
Norway's $1.8 trillion sovereign wealth fund, managed by Norges Bank Investment Management, has issued a cautionary warning about stock market risks, citing heightened uncertainty in the economic outlook. Deputy CEO Trond Grande emphasized the need for realism amid concerns over the U.S. political climate, China's economic recovery, and stagnant growth in Europe. Despite a strong performance, with a third-quarter return of 4.4%, the fund acknowledges that risks are skewed to the downside in equity markets.
UBS has increased its target price for DNB to 207 NOK from 197 NOK while maintaining a sell position. DNB Bank ASA, Norway's leading financial group, generates net banking income primarily from investment banking (61.7%) and retail banking (35.2%). As of the end of 2023, the group reported 1,422.9 billion NOK in deposits and 1,997.4 billion NOK in loans outstanding.
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