Nordea reiterates its sell rating on marketplace company Vend but raises the target price to 149 Norwegian kroner (130).
The bank warns that AI agents may already be able to bypass digital marketplaces, threatening Vend’s traffic and revenue model. At the same time, cost savings are expected to provide limited further support going forward.
Nordea lowers its EBITDA forecast for 2027 by approximately 10 percent, to a level 10 percent below previous consensus. The target price increase is justified by higher valuation multiples for comparable companies and the valuation of the holding in Adevinta.
