Stock down 4.35% (Il Sole 24 Ore Radiocor) - Frankfurt , 07 Jun - Shares of the German real estate group Vonovia were lower in Frankfurt trade, after analysts at the US bank Morgan Stanley cut their recommendation on the stock to "underweight" from "equalweight" while maintaining the target price at 24 euros.

At 0835 GMT, Vonovia shares were down 4.35% to 27.69 euros while the benchmark DAX was 0.45% lower at 18,567.97 points.

Shares of Leg Immobilien were also decreasing, down 0.92% to 72.50 euros, after Morgan Stanley reduced its recommendation on that stock to "neutral" from "buy".

In a report on the German property sector, Morgan Stanley analysts said there appear to be no factors that could boost sector share prices, after the ECB's decision to cut interest rates yesterday. At the same time, they see shares as being fairly valued in the current scenario and risks outweighing opportunities.

AAA-Hob

(RADIOCOR) 07-06-24 11:01:41 (0239) 5 NNNN