Swedbank downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Marlene Eibensteiner downgraded Swedbank (SWDBY) to Hold from Buy. Deutsche Bank noted that Swedbank has seen its valuation gap to its Swedish peers narrow recently, but with no update on a potential settlement with the U.S. authorities on the Baltic investigation, the firm sees “limited excitement for the investment case” currently. Deutsche Bank said it sees a potential settlement as a key catalyst for the stock’s valuation, and is waiting for an update on timing or details on such a settlement.