Here is a very high-quality and good analysis of Nordea. I recommend reading it. 
Nordea published a stronger Q4 result than we expected, which was explained by net interest income decreasing less than forecasted and strongly developed commission income. The forecast changes are moderate, although we revised our estimates for net interest income slightly downward. In light of the relatively stable earnings outlook, we believe the share valuation remains attractive, but we lower our recommendation to Accumulate (was Buy) following the recent share price increase. Our target price remains unchanged at EUR 12.5.