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Icade: Invest Securities cuts target price

( - Invest Securities maintains its buy rating on Icade shares, reducing its target price for them from 57.
2 euros to 55.1 euros.

The broker says that the sale of all the group's healthcare assets will be carried out in three phases - spread through to 2025.

Given the strong demand for healthcare assets and the benchmark set by phase 1, analysts model a -5% discount on asset valuations for phases 2 and 3. The lead buyer, Primonial, is not legally obliged to acquire the assets in phases 2 and 3, which could potentially complicate transactions, it says.

However, Invest remains confident that the three phases will be completed successfully and will generate an excessive amount of cash (E3bn), with many potential uses.

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