(Boursier.com) — Klepierre clearly underperformed at the end of the week with shares dropping more than 3% to 22.3 euros. The property company is penalized by a note from HSBC which lowered its recommendation to ‘keep’ while reducing its target from 28 to 26 euros. The broker notes that European consumer confidence deteriorated in the third quarter and the strong performance recorded by the company in the first half will not continue. He says balance sheet risks are under control, but a gradual increase in financing costs will likely keep earnings stable in the years to come.
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