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Unibail-Rodamco-Westfield: RBC raises target price

(CercleFinance.com) - On Friday Royal Bank of Canada maintained its "underperform" rating on Unibail-Rodamco-Westfield shares, while raising its target price got them from 42 euros to 45 euros - following better-than-expected interim results.


In a report, the broker explains that this better-than-expected performance has led it to raise its estimates for the commercial property group.

However, analysts point out that even after this increase, its new target price is still well below the share's current price (61 euros, +2%), a discrepancy that, in particular, it justifies by the prospect of a recession, which could well weigh on rents and increase vacancy rates in 2023 and 2024.

RBC also believes that the scenario of a disposal of the US business is unlikely in current conditions, a phenomenon which it believes would also penalise the group's profitability.



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