JPMorgan cuts target for Telenor stock to NOK 145 from NOK 160

Published on 10/18/2026 at 13:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue was NOK 18.14 billion, below NOK 18.28 billion forecast. Telenor reports results October 28, 2026, a test for Telenor stock.

Targets and reporting date

JPMorgan cut its Telenor target to NOK 145 from NOK 160 on October 13, 2026.
Telenor reported NOK 18.14 billion of second-quarter revenue versus NOK 18.28 billion expected.
Telenor will publish third-quarter 2026 results on October 28, 2026.

Telenor, NO0010063308, Illustration mit AI erstellt.

Telenor stock (ISIN NO0010063308) faces a lower JPMorgan price target of NOK 145 from NOK 160 after the bank flagged competitive pressure on October 13, 2026. According to Investing.com, JPMorgan kept a Neutral rating and placed Telenor on Negative Catalyst Watch before the third-quarter results.

Competitive pressure drives the caution

JPMorgan said Telenor stood 2 percent below consensus on EBITDA and 6 percent below consensus on free cash flow for the quarter, citing competition in Norway and Finland. The bank also pointed to revenue and energy-cost headwinds in Bangladesh and peak transformation costs in the third quarter, according to Investing.com.

Three target changes mark the timeline

The recent sequence began with Telenor's second-quarter release on July 16, 2026, when revenue was NOK 18.14 billion against NOK 18.28 billion expected, as reported by Investing.com. On October 1, 2026, Berenberg upgraded Telenor from Hold to Buy but lowered its target to NOK 154 from NOK 158, according to Business Insider. JPMorgan's October 13, 2026 decision then reduced its target to NOK 145 from NOK 160.

What does the target cut mean?

The immediate issue is not the rating label but the size of the earnings gap identified by JPMorgan. A 2 percent EBITDA shortfall and a 6 percent free-cash-flow gap would put pressure on the company's ability to offset competitive pricing and transformation spending. The October 13 assessment also linked weaker 2027 trends to wholesale pressure in Norway and a more competitive domestic market.

Results date sets the next test

Telenor Group will release its third-quarter 2026 financial results on October 28, 2026, according to the company's Telenor investor-relations calendar. The report will show whether the competitive and cost pressures identified by JPMorgan appear in reported operating figures.

Oslo close and valuation

Telenor last closed at NOK 126.10 on Oslo Bors on October 16, 2026, while its market capitalization stood at NOK 172.0 billion and its 52-week range was NOK 121.00 to NOK 178.70. The next results release is the clearest scheduled date for testing the assumptions behind the latest target changes. The further course of trading is shown by the continuously updated real-time quote of Telenor stock.