JPMorgan placed Telenor on Negative Catalyst Watch ahead of third-quarter results, expecting continued competitive pressure in Norway and Finland, Bangladesh headwinds and peak transformation costs. Analyst Ajay Soni said Telenor sits 2% below consensus on EBITDA and 6% below on free cash flow. The bank keeps a Neutral rating and cut its price target to NOK 145 from NOK 160, warning 2027 trends could be soft even though its projected 2027 total shareholder return yield is 13%. In Finland, the three main operators are priced within a €1-per-month range, and many 12-month fixed contracts signed in the second half of 2025 are now up for renewal at higher prices. JPMorgan rates Telia and Tele2 Overweight, with Tele2's possible 2026 dividend of SEK 12.5 per share 14% above consensus.
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