Vonovia initiated with an Underperform at Jefferies

Jefferies initiated coverage of Vonovia with an Underperform rating and EUR 20 price target. The analyst initiated coverage on the European real estate investment trust sector with nine Buys, nine Holds and six Underperforms. The firm says that while leverage will likely remain a concern, it has a constructive view on the sector. A lot of bad news is already priced in and the sector has always performed positively when the Federal Reserve has stopped hiking rates, the analyst tells investors in a research note.