Vonovia upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Vonovia to Equal Weight from Underweight with a price target of EUR 23, up from EUR 19. The analyst says recent operational resilience in European property is likely fading and price discovery is overdue. But positioning already reflects this while rates are peaking, which makes for a wide risk reward, the analyst tells investors in a research note. The firm continues to avoid over-levered and argues the U.K. “looks oversold.”