03:15 18.09.19
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Swedbank AB SE0000242455

Swedbank "overweight," target price reduced

19.02.08 - J.P. Morgan Securities

LONDON, February 19 (newratings.com) - Analysts at JP Morgan maintain their "overweight" rating on Swedbank AB (FRYA), while reducing their estimates for the company. The target price has been reduced from SEK258 to SEK238.

In a research note dated February 18 and published this morning, the analysts mention that the company has reported 33% y/y lending growth in the Baltic region for 2007, representing a y/y decline, partly on account of a slowdown in market growth and the loss of the company's market share in the area. The analysts expect Swedbank to post 15% lending growth in the Baltic region in 2008. The EPS estimates for 2008 and 2009 have been reduced from SEK24.20 to SEK23.53 and from SEK24.72 to SEK23.96 to reflect marginally higher credit losses in the Baltics and lower net fees and commissions.


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