(News Bulletin 247) – The Klépierre share opened sharply higher on Thursday morning, benefiting from a double increase in the recommendation of Barclays, which went directly from ‘underweight’ to ‘overweight’ on the stock.

Around 9:50 a.m., the action of the European leader in shopping centers gained 1.4%, to be compared with an increase of less than 0.9% for the SBF 120 index.

In a note dedicated to the European real estate sector, Barclays analysts point out that Klépierre emerged from the Covid crisis with occupancy rates close to their pre-pandemic levels.

Above all, they point out, the property company has succeeded in renewing 26% of its commercial surface thanks to the arrival of new occupants while maintaining the occupancy cost at 13%.

If they recognize that the group’s occupancy rates could be volatile this year, due to the cost increases that distributors must undergo, the analysts explain that they expect an overall stabilization of this indicator.

While 50% of analysts covering the stock have a negative recommendation on Klépierre, Barclays believes that the market is currently underestimating the company’s relative resilience to a possible economic slowdown.

Its target price thus rises from 22 to 24 euros.

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