Nordea Bank Abp

NDA SE: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nordea: We Upgrade Our Moat Rating to Narrow; Shares Fairly Valued

Niklas Kammer

Mar 13, 2026

We upgrade our economic moat rating for Nordea to narrow from none, as we believe the Nordic universal bank benefits from cost advantages and switching costs.

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Nordea Bank Abp

Nordea: We Upgrade Our Moat Rating to Narrow; Shares Fairly Valued

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