SBB, the landlord at the center of Sweden’s property crisis, fell as much as 10.2% in Stockholm after analysts at Goldman Sachs slashed their target price on the company.

Goldman downgraded its recommendation on Samhallsbyggnadsbolaget i Norden AB — as the Swedish company is officially known — to sell from neutral and lowered the target to 1.80 Swedish kronor ($0.16) per share, a level that’s 50% less than the next lowest target price, according to analysts tracked by Bloomberg.

Writing in a client note, the analysts cited “significant leverage of the company in its capital structure” in the context of higher bond yields and interest rates as reasons for the downgrade. The Swedish economy — with “persistently high inflation, low GDP growth, higher 10Y bond yields and a weak currency” — was a further factor.

SBB said last month it had covered a near-term liquidity shortfall from a deal that will raise 8 billion Swedish kronor by ceding control in a portfolio of schools to Canada’s Brookfield Asset Management Ltd. However, the company’s need for further disposals is expected to hurt its asset values.

“On balance, although shorter-term maturities (early 2024) have been covered, we believe the company will continue to focus on shorter-term liquidity needs, at the expense of the pricing of disposals,” the analysts at Goldman wrote.

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--With assistance from Michael Msika.