(News Bulletin 247) – Invest Securities confirms its buy rating on Gecina shares, with a price target raised from 116 to 118 euros, while Gecina published Q1 2023 rents up sharply by +7.3% at comparable scope.
‘Offices in particular saw their occupancy rate rise sharply by +340bp over one year to 94.5%, a level more in line with the type of assets, combined with an impressive reversion of +31% on assets Parisians (66% of offices),’ reports the analyst.
Invest Securities indicates that the property company has reiterated its 2023 RNR target expected between 5.80E and 5.90E per share in 2023, an increase of between +4.3% and +6.1%.
‘The excellent debt profile, the positive net contribution of the pipeline to come or even the ramping up of indexation (+5.0% on average according to our estimates) should, in our opinion, allow us to easily achieve the objective (5, 92E/share according to our estimates)’, concludes Invest.
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