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Investing.com - Kepler Cheuvreux upgraded Atrium Ljungberg AB (ST:ATRLJB) from Hold to Buy while lowering its price target to SEK36.00 from SEK38.00.
The upgrade comes despite Kepler Cheuvreux reducing its 2026 funds from operations (FFO) forecast by 4% due to expectations of lower rental income and higher financial costs.
Kepler Cheuvreux sees an upside potential of nearly 13% for the stock, which has fallen almost 9% since the firm’s downgrade in July.
The research firm notes that while offices remain its least preferred segment, Atrium Ljungberg’s current 46% discount to 2026 estimated net replacement value limits downside risk, especially considering potential hidden values in the company’s extensive project portfolio.
Kepler Cheuvreux considers it fair for Atrium Ljungberg to trade at a 10% premium, in line with historical averages, citing the company’s high Stockholm exposure and large project portfolio that enables investments of almost SEK 40 billion.
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