SB1 Markets maintains a Neutral rating on telecom operator Telenor but cuts its price target to NOK 135 from NOK 165, according to an analysis.
The bank believes that the balance between risk and potential returns has improved. Telenor is once again trading at a historically normal discount to Nordic peers, and free cash flow is expected to be able to cover the ordinary dividend by the end of 2027.
The price target cut is explained by lower estimates and falling valuation multiples for Nordic telecom companies. The analysts cut their cash flow estimates for 2026-2028 by 4-7 percent and continue to see few clear catalysts for the stock.
