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3 Goldman Euro Bank Upgrades

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3. Danske Bank (DANSKE.CO)

Goldman's analysts upgraded Denmark's Danske Bank to "buy" from neutral, setting a 12 month price target of 193 Danish kroner ($35.25). They expect Danske Bank to grow earnings fastest of the six Nordic banks they cover, a group that includes, DnB NOR, Swedbank, Nordea, SEB and SHB.

They also are looking for nonperforming loans to stabilize in the bank's Danish operations. They believe the bank has traded at a discount of up to 28% versus its peers over the last six months because it carries a thinner capital cushion. Also, Denmark's central bank has not raised interest rates as Sweden and Norway have done, meaning Danske Bank has not benefitted from the resulting deposit margin expansion. However, Goldman's analysts believe Danske Bank's capital cushion is sufficient and regard the bank as "well-capitalized," while projecting a 10.9% core tier I ratio by the end of the year.

"As Danske reports cleaner earnings, we expect investors to reward it for its strong capital position, limited sovereign exposure and defensive earnings mix," the report states.
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