Icade: Invest Securities still a buyer, but cuts TP

(CercleFinance.com) - Invest Securities confirms its buy rating on Icade shares, with a target price reduced from E43.
5 to E35.

Icade has presented a new 2024-28 strategic plan focused on improving the average quality of its assets through relevant diversification, albeit at marginally, while preserving its balance sheet.

The broker believes these ambitions seem credible but show that there is only limited leeway, as the group has to deal with an existing portfolio that is under pressure, it says, pointing to the departure of a number of tenants by the end of 2024, representing 11% of rent, at a time when occupancy is already low (88%).

Despite everything, it still considers the stock as being attractive in view of the 2023-26 cumulative dividends (67% of the current share price), the broker concludes.


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