Vonovia's share price has failed to recover meaningfully even as interest rate pressures have eased, J.P.Morgan analysts say in a research note. Usually when borrowing costs fall, the German real estate company's shares rise, the analysts say. However, this hasn't happened, with prices staying weak and suggesting that investors remain pessimistic, they add. A lasting recovery would require tangible progress on strategic priorities such as disposals and stronger rental growth, alongside rising contributions from non-rental businesses, the analysts say. Overall, shares are undervalued but lack near-term factors to push for an improved valuation, they add. Shares trade 1.8% higher at 21.57 euros. (nina.kienle@wsj.com)