Goldman Sachs upgraded Castellum (CWQXF) to Buy from Neutral with a price target of SEK 138, up from SEK 109. The firm cites improving macro conditions and a restructuring of the company, a stronger focus on leasing to improve occupancy, administrative cost-cutting, lower funding spreads, a stated disposal to improve ROE, and share buybacks. The firm added that it believes the shares have an attractive valuation, trading at a 37% discount to FY25 NTAps and an 8.5% FY26 earnings yield.
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