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Unibail-Rodamco: Invest Securities downgrades 'buy' rating

(CercleFinance.com) - In a report issued on Wednesday morning, Invest Securities downgraded its "buy" rating on the Unibail-Rodamco stock, with the analyst monitoring the stock opting for a "neutral" recommendation, while cutting his target price for the share from 223 euros to 206 euros, in anticipation of details about the group's proposed merger with Westfield.

However, he describes the deal as attractive, as it will lead to the birth of a world leader on the basis of portfolios and similar strategies.

The price paid, which is slightly high, despite the sound quality of Westfield's assets, is not expected to have a major impact on Unibail's multiples, Invest Securities believes, for which the prospect of disposals and the weaker growth of Westfield however result in fears of lower growth in recurrent earnings and dividends.

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