Goldman Sachs analyst Sachiko Okada upgraded Sumitomo Realty to Neutral from Sell with a price target of 3,000 yen, down from 3,400 yen. In the leasing business, which the firm notes accounts for 69% of the company’s operating profits, Goldman expects average rent to decline and the recovery in vacancy rates to take some time, but it also believes that these negatives are now largely priced in.
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Published first on TheFly