DNB Markets
DNB Carnegie is the investment banking and securities arm of Norway's DNB Bank, formed in 2025 when DNB Markets combined with Swedish investment bank Carnegie. It runs the largest equity research team in the Nordic region.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 112M
- Actions
- 112M
- Ratings / Price targets
- 0 / 1
- Median upside
- −56.0%
- On record
- Feb 2012 – Mar 2026
Overview
DNB Carnegie had about 100 equity analysts covering some 600 companies, mainly in the Nordic markets, as of 2026; its New York broker-dealer, DNB Carnegie, Inc., sells Nordic equities to US and Canadian institutions. It ranked first in every category of the 2025 Extel Nordic survey and first overall in Prospera's Nordic Domestic Equity ranking in January 2026. Beyond institutional research, the analysts run a weekly recommended portfolio of Norwegian stocks for DNB's online equity-trading customers, and as of 2026 its Access brand publishes commissioned research on about 80 smaller Nordic companies.
DNB's lineage dates to Christiania Sparebank, founded in 1822. Bergen Bank and Den norske Creditbank merged in 1990 to form DnB, which combined with Gjensidige NOR in 2003 as DnB NOR and adopted the DNB name in 2011; its capital-markets arm operated as DNB Markets. DNB agreed to buy Carnegie for about SEK 12 billion in October 2024, completed the purchase in March 2025 and merged the two under the DNB Carnegie brand.
Milestones
- 1822
Christiania Sparebank, first bank in DNB's lineage, founded
- 1990
Bergen Bank and Den norske Creditbank merge to form DnB
- 2003
DnB and Gjensidige NOR merge as DnB NOR
- 2011
Group renamed DNB
- 2025
DNB acquires Carnegie; DNB Markets becomes DNB Carnegie
Firm facts
- Legal name
- DNB Carnegie
- Type
- Full-service
- Founded
- 1822
- Headquarters
- Oslo, Norway
- Parent
- DNB Bank ASA
- Listing
- Oslo Børs: DNB
- Group EVP and Head of DNB Carnegie
- Alexander Opstad
- Rating scale
- BuyHoldSell12 months
- Also filed as
- DNB · DnB Markets
- Website
- dnbcarnegie.com
Research philosophy
Combining deep local expertise with rigorous analysis and ESG integration, we deliver actionable insights that support long-term Nordic investments for institutional and professional clients.
DNB Carnegie's analysts work in sector teams across national borders, and its research disclosures say the research department is separated from investment banking, with no reporting lines between them.
Rating methodology
Ratings are based on expected absolute total returns over 12 months: Buy indicates a return above 10%, Hold a return between 0% and 10%, and Sell a negative return.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Golar LNG LimitedGLNG | Buy | — |
 A10 Networks, Inc.ATEN | — | $9 |
 Excelerate Energy, Inc.EE | — | $31 |
 Noble Corporation PlcNE | Hold | $30 |
 Safe Bulkers, Inc.SB | Buy | — |
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Mar 9 | A10 Networks, Inc.ATEN | Target | $9 | ||
| Sep 10, 2025 | Excelerate Energy, Inc.EE | Target | $31 | ||
| Jul 30, 2025 | Noble Corporation PlcNE | Target | $30 | ||
| Apr 22, 2025 | Golar LNG LimitedGLNG | Upgrade | Hold →Buy | ||
| Feb 19, 2025 | Golar LNG LimitedGLNG | Downgrade | Buy →Hold | ||
| Jan 27, 2025 | Safe Bulkers, Inc.SB | Upgrade | Hold →Buy | ||
| Aug 1, 2024 | MAMastercard IncorporatedMA | Target | $500 | Tien-tsin Huang | |
| Jun 5, 2024 | PVPVH Corp.PVH | Target | $157 | Matthew Boss | |
| May 31, 2024 |  Ulta Beauty, Inc.ULTA | Target | $425 | Lorraine Hutchinson | |
| Apr 30, 2024 |  Domino's Pizza, Inc.DPZ | Target | $580 | Andrew Charles | |
| Apr 24, 2024 | VVisa Inc.V | Target | $325 | Sanjay Sakhrani | |
| Mar 27, 2024 |  Adobe Inc.ADBE | Target | $570 | Mark Murphy |