Icade: Invest Securities still buying, but cuts TP

(CercleFinance.com) - While lowering its target price for Icade from E35 to E32 post-distribution (2023), Invest Securities maintains its 'buy' recommendation, judging that despite everything, the share still looks attractive in view of the 2024-26 dividends (58% of the current share price).


In our opinion, the interim is no surprise, the analyst says, pointing to structural pressures which materialise in weak organic rental growth and a negative operating margin for property development.

The CFNC guidance for strategic activities for 2024 is maintained, as it is very prudent, but the low point is still to come (2026, at 2.33 euros in our opinion), he warns, seeing a risk of considerable value destruction in the weakest office sectors and in property development.


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