Deutsche Bank upgraded Truecaller AB (ST:TRUEb) from Hold to Buy on Thursday, signaling confidence despite a 85% stock decline since May 2025. The move comes after the company’s fiscal 2025 results, which triggered a steep valuation drop. While the bank trimmed its price target from SEK21 to SEK15, it believes current risks—including currency fluctuations and competitive pressures—are already priced into the shares. EBITDA forecasts for 2026 and 2027 were slashed by 23% and 27%, respectively, reflecting cautious optimism about recovery potential.