Goldman Sachs Downgrades Kojamo Stock Amid Interest-Rate Concerns
Kojamo stock fell after Goldman Sachs cut its rating and price target. The Finnish residential landlord was downgraded from 'buy' to 'neutral' by Goldman Sachs, which also reduced its target price to EUR 7.80 as of September 4, 2026.
The downgrade comes shortly after Kojamo's latest half-year figures, highlighting concerns about valuation and balance sheet strength in the current interest-rate environment. According to Goldman Sachs, the rating change is tied to a reassessment of upside potential following the latest earnings cycle and the ongoing impact of higher financing costs on leveraged real estate portfolios.
The analyst noted that Kojamo's comparable funds from operations per share grew by a low single-digit percentage versus the first half of 2025, but net profit attributable to shareholders was roughly flat year on year. This pattern has led some analysts to argue that the stock's valuation should reflect a more muted earnings trajectory until financing costs ease materially.
Goldman Sachs emphasized that higher interest rates and refinancing needs remain a central risk for leveraged residential real estate players, making it essential for investors to temper expectations for rapid dividend growth or aggressive share buybacks.