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Covivio: Oddo still a buyer, adjusts target price

( - While remaining a buyer of shares of property development company Covivio, Oddo BHF has reduced its target price for them from 90 euros to 85 euros, to take into account a more gradual hotel recovery scenario than previously, bearing in mind that this remains the main catalyst for the share.

Looking back at the CMD of 7 December, the analyst notes that various growth drivers offer more visibility on Covivio's exit scenario(s) and that they are potential catalysts for the share.

After defining a central scenario taking into account the most visible levers, analysts now expect a 2020-25 CAGR of +4.7% of EPRA Earnings per share and see EPRA NTA at +2.5% on average per year at 113 euros in 2025 compared to 100 euros, they add.

The share is currently up about 0.7%, in a pretty flat market in Paris.

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