[Dow Jones] UBS is bullish on Nordic banks. Says the strong start to '06 is being driven by a continued acceleration in loan growth, booming equity markets, strong mutual fund flows and high levels of brokerage activity, coinciding with a still benign asset quality environment.
"We are above consensus for all banks, except Danske (DANSKE.KO), and as we expect a strong 1Q results season, we expect earnings upgrades in the market." Keeps Swedish banks at overweight, prefers SEB (SEB-A.SK), but has Danske Bank on reduce. (AST)
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