Icade: Invest Securities still a buyer, but cuts TP
(CercleFinance.com) - Invest Securities maintains its "buy" rating on Icade shares, while reducing its target price for them slightly from E55.
1 to E52.8, following an adjustment to its estimates for sales and margins in the development business.
The broker says that Q1 was hit by a collapse in housing reservations, while the property company's tertiary assets are once again suffering from their peripheral positioning.
It adds that unsurprisingly, the distribution strategy has not yet been clearly defined. However, the company is not ruling out the possibility of paying an exceptional dividend as early as 2023 after completing the first stage, which is scheduled for end-July at the latest.
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