(News Bulletin 247) – Invest Securities reaffirms its ‘buy’ recommendation on Gecina with a price target lowered from 118 to 114 euros, returning to a first half of 2023 deemed ‘encouraging for future distributions’.
“The very satisfactory increase in RNR per share of +7.5% has certainly benefited from strong indexation and a still strong reversion, but also from good operational and strategic management”, underlines the analyst.
‘The 4.5% drop in office values over six months should continue over the coming semesters, but in our view the distribution capacity remains intact in a context of strong visibility on five-year financial costs’, he continues.
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