Nordea repeats its Hold rating for software company Qt Group and raises its price target to EUR 37 from EUR 34.
The company’s third quarter exceeded the bank’s expectations for distribution licenses and underlying margins. Nordea therefore raises its EBITA forecasts for 2026–2028 by 2–4%.
At the same time, the bank sees uncertainty surrounding AI development, the integration of IAR and upcoming changes to the licensing model. Management changes and a lack of transparency in reporting also contribute to the cautiousness.
