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Covivio: Invest Securities upgrades stock

( - Invest Securities has upgraded its rating on Covivio shares from "neutral" to "buy", considering the stock's upside potential, even after analysts reduced their target price from 76 euros to 71 euros (current price: 58 euros, -0.
6%), due to higher long-term financing costs.

The broker highlights 2022 operating data that is of good quality, which includes a reduction in office vacancies, continued strong and predictable growth in German residential rents and an exponential recovery in hotel revenues.

The broker believes that financial costs will remain under control in the near term, although notes that the real estate company may limit its future capex given the lower visibility on asset values, it judges, adding that strong indexation will support recurrent NP in the near term.

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