Unibail-Rodamco: Oddo BHF upgrades stock

(CercleFinance.com) - Oddo BHF has upgraded its rating on Unibail-Rodamco-Westfield shares from "neutral" to "outperform," having increased its corresponding target price from 70 euros to 90 euros, as it believes that the stock still appears to be trading at a discount relative to its outlook, which it expects will improve over the next 12 months.


After a meeting with senior management, the broker noted that management has a very clear roadmap over the next 24 to 36 months, with the first catalysts being the completion of disposal plans in continental Europe and the US.

Oddo BHF adds that its target price target suggests multiples of 10x 2022, 2023 and 2024 cash flows, while the stock is currently trading at 10.2x 2020 and 2021 CF, while its peer Klépierre is trading at 11.4x 2021 CF.



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