Sofina shares climb after Kepler Cheuvreux upgrades to 'buy'

** Shares in Sofina SOF are up around 3% after Kepler Cheuvreux upgrades the Belgian investor to "buy" from "hold" after recent share price decline

** The brokerage notes the stock's price fell by 14% since August 25, presenting what it views as "an attractive entry point" and an improved risk-reward balance

** It also highlights positive developments in investment exits and sustained value creation within the portfolio as key drivers for the upgrade

** Kepler believes positive factors are "more than offsetting the USD headwinds" from the company's dollar exposure in its direct and private funds portfolios

** It adds the stock now trades at an 18% discount to its net asset value (NAV)