(News Bulletin 247) – Barclays announced on Thursday that it had gone directly from an ‘underweight’ advice to an ‘overweight’ recommendation on the Klépierre stock, with a price target raised from 22 to 24 euros.
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.
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