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Investing.com - Jefferies initiated coverage on Swedish real estate investment trust NP3 Fastigheter AB (ST:NP3) with an Underperform rating and a price target of SEK200.00 on Wednesday.
The diversified REIT, which operates in Northern Sweden, currently trades at a 75% premium to its net asset value (NAV), according to Jefferies analyst Stephane Afonso.
Jefferies noted that the company’s "non-prime platform is structurally constrained," highlighting missed opportunities to establish a self-funded growth model.
The research firm expects NP3’s total return to decelerate from 2025 toward sector level returns of approximately 12%, while also pointing to early signs of tenant distress as areas of concern.
With peer companies trading at discounts, Jefferies sees "credible grounds for derating" of NP3 Fastigheter’s stock, supporting its bearish stance on the Swedish property company.
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