Gecina: Morgan Stanley reduces target price

(CercleFinance.com) - On Thursday Morgan Stanley reduced its target price for Gecina shares from 110 euros to 95 euros, while renewing its "equal weight" rating on the stock.


In a study of the European real estate sector, the analyst says that yields in Paris offices are currently at particularly low levels, while marginal financing costs are high.

Added to the poor rental prospects, these factors are unlikely to create an attractive investment case, the broker highlights.

While some of these factors may already appear to be priced in, we see few catalysts that could lead to a stock market re-rating, it concludes.



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