(CercleFinance.com) – Gecina is up sharply on the Paris Stock Exchange on Friday, JPMorgan having raised its advice on the property company from ‘neutral’ to ‘overweight’ with a price target reduced from 137 to 112 euros.
Shortly before 2:00 p.m., the title of the office and residential real estate specialist posted the second largest increase in the SBF 120 and gained 1.9%, while the index lost 1.2%.
In a sector note, the broker highlights the quality of the company’s balance sheet, among the best in Europe according to him, as well as the control of its prices, which should enable it to accelerate the growth of its results in 2023 thanks to when launching new projects.
The broker adds that the market valuation of the title, which he makes one of his favorite stocks in the sector (‘top pick’) is far from tight, showing a discount of some 50% of its net book value.
JPMorgan advises on the other hand to stay away from real estate stocks linked to distribution such as URW or Klépierre, two stocks which it recommends to underweight.