DNB Markets
DNB Carnegie
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.
Company history
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.
- 1822Christiania Sparebank, first bank in DNB's lineage, founded
- 1990Bergen Bank and Den norske Creditbank merge to form DnB
- 2003DnB and Gjensidige NOR merge as DnB NOR
- 2011Group renamed DNB
- 2025DNB acquires Carnegie; DNB Markets becomes DNB Carnegie
Research
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. Ratings are absolute: Buy means an expected total return above 10% within 12 months, Hold 0–10%, Sell negative.
Coverage12M
- Stocks
- 1
- Ratings
- 0
- Price targets
- 1
- Median upside
- −56.0%
- Upgrades
- 0
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
Sectors
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 GLNGGolar LNG Limited | Buy | — |
 ATENA10 Networks, Inc. | — | $9 |
 EEExcelerate Energy, Inc. | — | $31 |
 NENoble Corporation Plc | Hold | $30 |
 SBSafe Bulkers, Inc. | Buy | — |
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| A10 Networks, Inc.ATEN | Target | $9 | Mar 9 | |
| Excelerate Energy, Inc.EE | Target | $31 | Sep 10, 2025 | |
| Noble Corporation PlcNE | Target | $30 | Jul 30, 2025 | |
| Golar LNG LimitedGLNG | Upgrade | Hold →Buy | Apr 22, 2025 | |
| Golar LNG LimitedGLNG | Downgrade | Buy →Hold | Feb 19, 2025 | |
| Safe Bulkers, Inc.SB | Upgrade | Hold →Buy | Jan 27, 2025 | |
| MAMastercard IncorporatedMA | Target | $500 | Aug 1, 2024 | |
| PVPVH Corp.PVH | Target | $157 | Jun 5, 2024 | |
 Ulta Beauty, Inc.ULTA | Target | $425 | May 31, 2024 | |
 Domino's Pizza, Inc.DPZ | Target | $580 | Apr 30, 2024 | |
| VVisa Inc.V | Target | $325 | Apr 24, 2024 | |
 Adobe Inc.ADBE | Target | $570 | Mar 27, 2024 |
References
- Our history - DNBdnb.no
- Carnegie Holding AB Announces Completion of Acquisition by DNB Bank ASAcarnegie.se
- DNB Carnegie Research Portaledge.carnegie.se
- DNB Carnegie Tops the 2025 Extel Survey for the Ninth Consecutive Yeardnbcarnegie.com
- Disclosures and disclaimers - DNB Carnegie Edgeedge.carnegie.se
- DNB Annual Report 2025content.dnb.no