Nordea reiterates its Hold rating on property company Hufvudstaden and keeps its price target unchanged at SEK 120 after the Q3 report, according to an analysis.
The bank notes that demand for offices in central Stockholm is more resilient than in outlying areas, but that high vacancy rates are limiting rental growth.
Rising interest rates and major investments in tenant improvements are also expected to dampen earnings. The Johanna project in Gothenburg provides some support.
Nordea lowers its forecasts slightly and expects cash flow per share to increase by 2 percent in 2026, 4 percent in 2027 and 2 percent in 2028.
