Kepler Cheuvreux lowers its recommendation for housing developer Bonava to hold from buy and also lowers the target price to SEK 10 from SEK 11.

"Starts have unfortunately not taken off and since it takes 4-7 quarters to complete an apartment, we are increasingly worried that 2026 will also be a tough year for Bonava. Profit is not recognized until the apartment is completed and sold and the tenant has moved in. This means that even if market growth returns, it takes 4-7 quarters before the profit appears in the accounts. The long lead times mean that it is not necessary to rush into the share, even if the discount amounts to 60 percent," writes Kepler.

Bonava is traded down 1.6 percent to SEK 9.15.