Merlin Properties downgraded to Hold from Buy at Jefferies

Jefferies downgraded Merlin Properties to Hold from Buy with a price target of EUR 10.30, up from EUR 9.70. The real estate sector will benefit as a whole from central bank rate cuts, but “the market may be too optimistic with the timing of first cuts,” says the firm. By sector, the firm thinks the office players are facing stronger headwinds than other sub-sectors, the analyst tells investors.