Klövern (Hold, TP: SEK11.20) - Far from home
The Q1 results were slightly below our forecasts and consensus, and an entry into the Manhattan office market was announced. Although there is potential from residential projects, improvement in Kista, increased occupancy, and a high discount to NAV, we see no near-term share price catalysts. We have downgraded to HOLD (BUY) and cut our target price to SEK11.2 (12.0)
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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