(News Bulletin 247) – Invest Securities maintains its ‘buy’ recommendation on Klépierre with an adjusted target price of 25.5 to 25.1 euros, the day after the announcement of ‘encouraging operational data despite pressure on consumer discretionary ‘.
“Despite the expected drop in cash flow (due to reversals of provisions in 2022), the assumption of a stable dividend in 2023 still seems credible to us”, reacts the analyst in charge of the commercial real estate group.
However, the design office adopts, as for other real estate businesses, ‘a more cautious approach to the rental risk linked to the failure of brands but also with regard to maintaining the three-month Euribor at a particularly high level’.
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