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-Three brokers lift price target after Swedbank shines in Q3 2010.

NORDIC BUSINESS REPORT-October 25, 2010--Three brokers lift price target after Swedbank shines in Q3 2010(C)2010 M2 COMMUNICATIONS

25 October 2010 - Three brokers have raised their share price targets on Swedish bank Swedbank AB (STO: SWED A) after it last week posted better-than-expected results for the third quarter of 2010.

Svenska Handelsbanken has hiked its target on Swedbank to SEK106 from SEK85, upgrading its recommendation to "accumulate" from "reduce".

Morgan Stanley has raised its target on the stock to SEK99 from SEK86 and Citigroup -- to SEK90 from SEK85. However, the brokers have maintained their ratings at "equal-weight" and "sell", respectively.

Swedbank swung to a net profit of SEK2.591bn in the third quarter of 2010 from a year-earlier loss of SEK3.337bn, while total income dropped 6% to SEK7.647bn. Analysts polled by SME Direkt had on average expected a profit of SEK1.509bn and income of SEK7.436bn.

By 11:52 CET on Monday, the A-series shares in Swedbank had added 0.72% to SEK97.70, on the stock exchange in Stockholm.

(EUR1 = SEK9.2)

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Publication:Nordic Business Report
Date:Oct 25, 2010
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