On Thursday, Deutsche Bank renewed its 'hold' recommendation on Kone shares, with a price target lowered from €47 to €46.

In a note, the analyst refers to the difficulties surrounding the implementation of an affordable housing policy in China, following the mixed results obtained in the pilot phases of the program.

Nevertheless, Deutsche Bank points out that the Chinese market remains a decisive factor in the investment case for Kone, currently the world's number one in the installation of new elevators and escalators.

While acknowledging that the Finnish group has so far performed well in the country, the intermediary considers that its business remains highly dependent on winning new contracts.

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