Deutsche Bank initiated coverage of Nordnet with a hold rating and a SEK360 price target, while J.P. Morgan resumed coverage at overweight with a SEK401 target, highlighting disagreement over whether growth justifies Nordnet's valuation. Deutsche Bank said the shares trade at about 20 times estimated 2027 earnings, roughly 30% above the peer average excluding Nordnet, while J.P. Morgan expects customer growth, higher brokerage and fund commissions, net interest income, cross-border trading and related foreign-exchange fees to support earnings. J.P. Morgan's broader European platform review also favored Italian and Nordic platforms while taking a more cautious view of UK names and selected exchanges.