URW: Invest Securities remains positive, adjusts TP
(CercleFinance.com) - Despite trimming its target price from E84 to E83.
1, Invest Securities maintains its 'buy' recommendation on Unibail-Rodamco-Westfield (URW) shares, believing the stock to be attractive from an intrinsic valuation point of view, even though visibility remains low on US asset arbitrage.
According to the broker, H1 results were blurred by the industrial accident at UberseeQuartier, the significant impact of which, which somewhat tarnishes the property company's reputation, should not be overestimated.
Operating data is good, as expected (vacancy relatively stable at excellent levels in Europe, net rents +5.6% LFL), and guidance maintained. Valuations are also stabilizing, it adds.
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