Icade: Invest Securities remains 'buy' after sales announced

(CercleFinance.com) - Invest Securities has reaffirmed its 'buy' recommendation and E35 TP on Icade shares, following the release of operating data to the end of March which, without being catastrophic, testify to the structural pressures from which the portfolio is suffering.


In fact, the defence of occupancy is once again leading to concessions on rental values. At the same time, leading indicators for the property development business point to a probable decline in revenues and margins, the analyst notes.

Management has not announced any changes to the new roadmap presented last February, Invest Securities adds, pointing out that Icade expects a CFNC for strategic activities of between E2.75 and E2.90 for 2024.


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