Klépierre: Berenberg raises its price target


(CercleFinance.com) – Berenberg maintains its ‘hold’ recommendation on Klépierre, while raising its price target on the stock from 26.5 to 30 euros.

In a research note, the analyst indicates that he has revised upwards his forecasts for the shopping center operator and envisages a slight improvement in the value of his portfolio.

From his point of view, the average net return of the portfolio should indeed have reached a low point at 5.9% at the end of 2023.

Berenberg also indicates that it expects the valuation of its shopping centers to be supported by the good trend in rents, despite the recent ECB rate cut.

The intermediary, who says he hopes that the favorable momentum at the start of the financial year will continue, adds that the group’s financial profile can allow it to make targeted acquisitions.

Finally, if the stock is traded on the basis of a discount to its net accounting assets that is a little less marked than that of its comparables in Europe, the professional judges that the current valuation remains ‘undemanding’.

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