06:30 AM EDT, 05/07/2026 (MT Newswires) -- AlphaValue/Baader Europe raised its earnings assumptions for DNB (DNB.OL) after the Norwegian bank published its first-quarter results.

In a Wednesday note, the research firm raised its full-year 2026 and 2027 earnings estimates by 8% and 7%, respectively, while its new 2028 forecasts represent an 8% increase over the updated 2027 projections.

"For 2026 and 2027, we have upgraded our revenue projections for the Corporate Customers Norway segment (Norwegian SMEs) as we see more resilience in the Norwegian mainland economy, energy tailwinds and continued strong investment needs benefitting both fee income and [net interest income] projections (including the positive impact of a NOK rate hike priced into 2026). Revenue projections have also been upgraded in Large Corporates &International for similar reasons, while Personal Customers revenue have been slightly downgraded, as lending volume growth and [net interest margin] have been downgraded on the back of still shy mortgage demand recovery and stiff competition in Norwegian retail banking,"the note said.

As analysts see scope for improved capital generation and share repurchases, AlphaValue/Baader Europe increased its share buyback projection by 2 billion Norwegian kroner for 2026 and included a 12.5 billion-kroner buyback assumption for 2028. Consequently, the research firm's EPS assumption for 2026 was upgraded by 7.73% to 28.9 kroner and by 6.75% for 2027 to 31 kroner.

The stock is rated at reduce, with a price target of 316 kroner.