Goldman Sachs Reaffirms Buy Ratings on Nordic Telecom Stocks

​

June 3, 2026 — Goldman Sachs has reaffirmed its positive outlook on the Nordic telecom sector, maintaining Buy ratings on Telia Company, Telenor, and Tele2. The bank highlighted improving market discipline in Sweden as a key driver supporting pricing power and long-term earnings growth across the industry.

Sweden Telecom Market Shows Structural Improvement

Goldman Sachs pointed to ongoing structural improvements in the Swedish telecom market, including reduced competitive intensity and a more rational pricing environment. These factors are expected to enhance profitability and support more stable earnings trajectories for major regional operators.

The bank also noted that potential industry consolidation remains an important long-term catalyst, with effects expected to extend through the end of the decade.

Telia Company: Strong Pricing Power and Growth Outlook

Goldman Sachs reiterated its buy rating on Telia Company, citing strategic decisions that reinforce its market positioning. In particular, the decision to discontinue its Halebop mid-market brand was seen as supportive of stronger pricing discipline in Sweden.

The firm set a 12-month target price of SEK 59, implying around 20% upside, and expects Telia to deliver approximately 6% annual EBITDA growth through 2029, driven by cost efficiency measures and potential consolidation benefits.

Telia has also announced the acquisition of Telness, a mobile virtual network operator, from Nordic Communications Group, alongside a long-term agreement involving the Seamless OS platform.

Telenor: Benefiting from Market Discipline

Goldman Sachs maintained its Buy rating on Telenor, stating that improving market conditions in Sweden are likely to benefit all major operators.

The bank emphasized that consolidation in the Swedish telecom sector remains a key long-term catalyst. Telenor is viewed as well positioned to benefit from stronger pricing trends and a more disciplined competitive environment.

Recently, Telenor agreed with Verdane to establish joint ownership of its IoT unit, Telenor Connexion, in a deal valued at SEK 7.5 billion, with SEK 3.8 billion in cash proceeds going to Telenor.

Tele2: Inflation-Linked Growth and Stable Pricing Power

Goldman Sachs also reiterated its buy recommendation on Tele2, highlighting the company’s ability to benefit from sustained pricing power and inflation-linked tariff adjustments in Sweden.

The brokerage expects Tele2 to participate in broader sector earnings growth, supported by improved market structure and reduced competitive pressure across the Nordic telecom industry.

Outlook

Overall, Goldman Sachs remains constructive on the Nordic telecom sector, citing stronger pricing dynamics, improved market discipline in Sweden, and consolidation potential as key long-term drivers. Telia Company, Telenor, and Tele2 remain the bank’s top picks in the sector.