Kepler Cheuvreux Cuts European Real Estate Sector to Underweight from Neutral
- Firm notes 2017 should be a year in which Europe’s Banks deliver out-performance, notably inrelation to assets that represent bond proxies. For this reason firm expects Real Estate stocks to record a further phase of under-performance through the summer, despite the positive earnings momentum in the sector.
- Firm states the expectation of the beginning of monetary normalisation in the region implies a lower price multiple for the Real Estate sector this year