Klépierre: Invest Securities adjusts target price

(CercleFinance.com) - Invest Securities is maintaining its "buy" rating on the commercial property group Klépierre's shares, trimming its target price for them from E25.
5 to E25.1, following the group's announcement of encouraging operating data, despite pressure on discretionary consumption.

Despite the expected decline in cash flow (due to provision reversals in 2022), the assumption of a stable dividend in 2023 still seems credible the analyst said.

However, as with other retail property companies, the broker is adopting a more cautious approach in view of the rental risk linked to retailer defaults and also in view of the 3m Euribor rate remaining at a particularly high level.


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