Telenor hit by Barclays downgrade, shares trade near 52-week low

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 10:18.

Telenor ASA (NO0010063308) faces fresh analyst pressure this week. Barclays has downgraded the Oslo-listed telecom group to Underweight and cut its price target, as reported by Investing.com and a BN wire summary from MarketScreener.Investing.com downgrade report

What Barclays now expects

According to the Barclays note summarized in financial media, the bank lowered its Telenor recommendation from Equalweight to Underweight and reduced the price target from NOK 160 to NOK 140.MarketScreener on the Barclays move The change adds to a series of more cautious views on European telecom operators.

Barclays highlights that Telenor is the only major telecom provider in the European Union and wider Nordic region to have issued a profit warning in the first quarter of 2026, a signal the bank sees as structurally negative for sentiment.Investing.com downgrade report The bank points to tougher conditions in Finland and Norway as key reasons for its more defensive stance.

Consensus around Telenor is turning

The Barclays downgrade fits into a broader pattern of more cautious analyst views on Telenor in recent months. Earlier in May 2026, Citi cut its rating from Buy to Neutral, signaling reduced upside versus previous expectations.Investing.com downgrade report

Around the same period, Morgan Stanley lowered its Telenor price target from NOK 175 to NOK 170, maintaining a more reserved stance on earnings momentum.Investing.com downgrade report These changes followed Telenor's own revision of its full-year 2026 EBITDA growth forecast from mid-single-digit growth to a range of low- to mid-single-digit growth.

How Telenor earns its money

Telenor generates most of its revenue from mobile and fixed-line telecommunications services in the Nordics and Asia, including Norway, Sweden, Denmark, Finland, Pakistan and Bangladesh.Telenor investor information The group also sells digital services such as IoT connectivity, security solutions and cloud-based communication platforms to consumers and enterprises.

Where the shares trade today

The Telenor ASA shares (NO0010063308) last traded on the Oslo Børs on 2026-06-23 at NOK 143.40, according to intraday price data referenced by Investing.com.Investing.com downgrade report This level is close to the reported 52-week low around NOK 141.50.

This text is for informational purposes only and does not constitute investment advice, an offer or a solicitation to buy or sell any securities. Past performance is not a reliable indicator of future results. Readers should conduct their own research and, where appropriate, consult a licensed financial adviser.