Aroundtown downgraded to Hold from Buy at Berenberg

Berenberg analyst Kai Klose downgraded Aroundtown to Hold from Buy with a price target of EUR 3, down from EUR 3.50. Once the bond markets have fully recovered, enabling Aroundtown to issue perpetual notes at more reasonable coupons again, its share price "should also start to pick up," Klose tells investors in a research note. However, the timing of a bond market recovery "is hard to predict," says the analyst, who downgrades the shares "despite an attractive valuation."