Handelsbanken has reduced its price target for Norwegian telecom operator Telenor to 170 Norwegian kroner from 180, while reiterating its buy recommendation.

In an analysis, SHB states that the price target for the mobile operator has been lowered due to reduced estimates.

"We expect that changes to several contributors to free cash flow will entail a transition ahead of 2026. The divestments of Allente and the operations in Pakistan remove two sources of cash flow. Additionally, we now assume higher spectrum fees in Bangladesh and that payments for India will commence during the first quarter of 2026. Although the stock has already come under pressure since the third-quarter report and the capital markets days, a revision of cash flow guidance could act as a short-term dampener," the analysis reads.