Vonovia downgraded to Underweight from Equal Weight at Barclays

Barclays analyst Paul May downgraded Vonovia to Underweight from Equal Weight with a price target of EUR 18, down from EUR 28. The company’s cash flows are relatively low on current finance costs and negative at marginal rates, the analyst tells investors in a research note. The firm recommends focusing on free cash flows and return on investment in the German residential sector.