Deutsche Wohnen falls after Kepler cuts to 'reduce' on valuation

Vonovia SE

07/10/2026 10:35

** German residential real estate company Deutsche Wohnen DWNG.DE falls 2.8% after Kepler Cheuvreux cuts the stock to "reduce" from "hold"
** Kepler says Deutsche Wohnen has outperformed majority shareholder, Vonovia VNAn.DE, over the past three months, helped by its guaranteed dividend and bond-like characteristics
** Shares now trade at only a small discount to Vonovia despite the 0.79 exchange ratio
** "We clearly see better value in Vonovia," Kepler writes
** Cuts Deutsche Wohnen's target price to 13.43 euros from 17.17 euros 
** Including today's losses, Deutsche Wohnen is down about 26% this year, compared with a decline of about 32% for Vonovia

($1 = 0.8933 euros)

 (Reporting by Kira Britten)
 ((Kira.Britten@thomsonreuters.com))