HEMNET GROUP AB

The Hemnet share rose 4.0% to 77.45 kr after JPMorgan raised its rating from Underweight to Overweight with a price target of 126.00 kr and Morgan Stanley moved from Equalweight to Overweight with a target of 102.00 kr. The upgrades came after the stock had fallen more than 22% in the previous month and roughly 70% over twelve months; the company had also recently conducted share buybacks. The price move was independent of the weak broader market and reflects a reassessment of the risk‑reward by institutional voices and technical oversold conditions. » Mere på de.investing.com

Hemnet's board has suspended the buyback program of up to SEK 600 million to "preserve full financial flexibility in a transformative phase." The suspension takes effect on 14 September and led to a share decline of around 15%. Since the program started on 8 May, Hemnet bought 2,102,950 shares worth about SEK 189.3 million and now holds 3,064,110 treasury shares of 92,625,346 outstanding shares. Any possible resumption of the buyback will be announced separately. » Mere på de.investing.com

JPMorgan upgraded Hemnet from "underweight" to "overweight" and raised the price target from 81 SEK to 126 SEK, after which the stock jumped about 9.6% to 105.3 SEK. The bank justifies the reversal with a more attractive valuation following the price decline and expectations of a recovery in listing volumes over the next twelve months. Hemnet had lost around 42% year-to-date and was trading well below levels analysts considered fair value; today's rally was mostly company-specific. » Mere på de.investing.com