(CercleFinance.com) – Klépierre shares are trending upwards on Monday on the Paris Stock Exchange thanks to a note from Jefferies in which the broker considers that the worst of the crisis is over for European property values.
Around 2:00 p.m., the stock of the shopping center specialist increased by 1.6% while the SBF 120 advanced by around 1%.
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%.
He thus raises his recommendation from ‘hold’ to ‘buy’ on the stock, with a price target raised to 28 euros compared to 26 euros previously.