Telenor downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Telenor (TELNY) to Equal Weight from Overweight with a price target of NOK 155, down from NOK 165. The firm made changes in the Nordic telco space, saying it sees the companies offering investors access to sustainable revenue and free cash flow growth, with attractive return in common equity. Within the Nordic basket, the analyst sees better near-term value at Elisa and Tele2, with Telenor and Telia “likely to lag.”