(CercleFinance.com) – Invest Securities downgrades its recommendation on SFL (Société Foncière Lyonnaise) from ‘neutral’ to ‘sell’ with a price target reduced from 59 to 55 euros, estimating that the marked adjustment of the NTA NTA by Action is expected to continue until the end of 2024.
While it recognizes 2023 operational data as ‘very good as evidenced by the strong organic growth in rents (+8.5%)’, the research office also notes a clear increase in financial costs.
‘Even if SFL is one of the rare real estate companies offering excellent guarantees in terms of revenue growth, the valuation of the stock now seems too high to us,’ judges the analyst, for whom however, ‘the distribution capacity is not ‘is not threatened’.
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