** Citi Research sees limited upside for Nordic telcos, citing financial trends and lack of catalysts

** It downgrades Swedish operators Telia TELIA.ST and Tele2 TEL2b.ST as well as Norway's Telenor TEL.OL to ''neutral'', also maintaining a neutral stance on Finland's Elisa ELISA.HE

** While the brokerage deems the groups' underlying topline and EBITDA growth as 'decent' across the board in Q1, it notes it was driven by 2025 cost cutting, and expects a moderation in the EBITDA trend in Q2

** Given no in-market consolidation and tougher-than-expected competition in Finland, the stock performance YTD was "less impressive," the brokerage says

** It adds that while there is some in-market consolidation optimism in Sweden and Denmark, operators seem to wait for more supportive signals from the regulators

** Also, operators may reserve headroom for future M&A, capping shareholder return, Citi notes