(CercleFinance.com) – Jefferies on Monday raised its recommendation on Klépierre shares from ‘hold’ to ‘buy’, with a price target raised to 28 euros compared to 26 euros previously, considering that the worst of the crisis had passed for the European land values.
In a sector note, Jefferies underlines that despite an 8% decline in the EPRA index since the start of the year, it expects the sector’s stock market performance to be positive this year, thanks to the effect first rate cuts.
The broker underlines that the lower debt displayed by Klépierre should allow it to be ‘more opportunistic’ on its market, a prospect that is all the more interesting as the valuation of the stock has become attractive again following its recent underperformance, adds -he.
The broker also believes that the potential yield of the stock is among the highest in the sector, in particular due to an assured dividend yield of 7.5%.
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