Icade: share price falls, broker lowers target

(CercleFinance.com) - Icade is down nearly 1% in Paris, as Invest Securities has lowered its target price for the stock from 35 to 32 euros post-distribution 2023.
The broker maintains its 'buy' recommendation, judging that 'despite everything, the share still looks attractive in view of the 2024-26 dividends (58% of the current price)'.

'In our opinion, the half-yearly publication offers no surprises', notes the analyst, pointing to structural pressures which 'materialize in weak organic rental growth and a negative operating margin for property development'.

The CFNC guidance for strategic activities for 2024 is maintained as 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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