Här är en högkvalitativ och realistisk analys av Nordea. Värt att läsa! 
Nordea reported a better-than-expected Q1 result. However, the forecast beat was mainly explained by quarterly fluctuations in fair value, and the decline in net interest income kept the result down as expected. At the same time, increased uncertainty has weakened the outlook for credit demand, which together with lower interest rate forecasts lowered our earnings estimates. In light of the relatively stable earnings outlook, however, the stock’s expected return is still sufficient, so we reiterate our Accumulate recommendation. We are revising our target price down to EUR 12.0 (was EUR 12.5) in line with our lower earnings estimates.