Jefferies upgraded Vonovia (VNNVF) to Hold from Underperform with a price target of EUR 29, up from EUR 23. The firm enters 2025 with the highest level of optimism in several years for the European real estate investment trusts, driven by funds from operations and net asset value growth, which it says points towards double-digit capital returns supported by mid-single-digit dividend yield. It upgraded 11 names as part of a 2025 outlook.
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