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Argan: Invest Securities nudges up TP

( - While maintaining its "neutral" rating on the stock, Invest Securities has nudged up its corresponding target price from E72 to E72.
5 (cp: E70.6, +1.4%), after the property company announced an 11% increase in rents over the year, which is partly thanks to fundamentals that remain robust.

The broker says that Argan's year-end targets still seem credible (rents +10% and recurring net income +4%), particularly in light of a volume of investments of E135m.

Increased development ambitions for FY 2024 (E175m), come as a surprise, however, which should enable it to post respectable growth levels over the next two financial years, it adds.

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