SEB has upgraded its recommendation for the real estate company Sagax to buy, up from hold. The target price has been slightly reduced from 235 to 234 kronor, according to a recent analysis.

SEB assesses that the Swedish real estate sector is back from the cold and that it would not take much to trigger a strong recovery.

"We view the sector as attractively valued, both based on cash flow and net asset value, and see an upside of at least 15-20 percent in 2026. Real estate stocks are sometimes considered defensive safe havens, but many of them are much more than that. Our top picks are five growth companies: Catena, SLP, NP3, Balder, and Wihlborgs," the bank writes.