Icade: Invest Securities says upside now limited
(CercleFinance.com) - Invest Securities believes that investors should no longer buy the Icade share, with the broker's analysts returning to a "neutral" rating.
The broker's research report says that its potential for total return (is now) too limited. It maintains its target price for the share at 80 euros.
Indeed, Invest Securities hails the real estate group's stockmarket performance, which, over the past two years has risen (dividend included) by 50%, outperforming its market by 26 points. Icade has benefited from both the recovery in the property development market and renegotiations of less difficult leases, not to mention cheap refinancing thanks to lower interest rates.
According to Invest Securities, the hoped-for recovery has now taken place and Icade is in a much better situation than it was at the time it changed its direction, with the group's three markets remaining upbeat. However, these factors already appear to have been fully priced in by the markets.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker's research report says that its potential for total return (is now) too limited. It maintains its target price for the share at 80 euros.
Indeed, Invest Securities hails the real estate group's stockmarket performance, which, over the past two years has risen (dividend included) by 50%, outperforming its market by 26 points. Icade has benefited from both the recovery in the property development market and renegotiations of less difficult leases, not to mention cheap refinancing thanks to lower interest rates.
According to Invest Securities, the hoped-for recovery has now taken place and Icade is in a much better situation than it was at the time it changed its direction, with the group's three markets remaining upbeat. However, these factors already appear to have been fully priced in by the markets.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.