Nordea Bank upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Nordea Bank (NRDBY) to Overweight from Equal Weight with a price target of EUR 14.20, up from EUR 13.80. The firm sees an uncertain backdrop for European financials in 2025. Total payout yields will continue to support valuations, but the increasing likelihood of rates “undershooting” poses downside risk to consensus earnings, the analyst tells investors in a research note. Morgan Stanley favors fee-heavy models, wealth, and the UK.