Covivio: Invest Securities reduces target price
(CercleFinance.com) - Invest Securities maintains its "neutral" rating on Covivio shares, while reducing its target price for them from 16.
5 euros to 14.1 euros.
The broker says that H1 was marked by a stronger-than-expected recovery in the hotel sector. In these conditions, Covivio Hotels' revenues doubled LFL, in particular following the rebound in variable revenues.
Analysts remain relatively optimistic about the return of leisure customers, although much less so about the return of business customers (45% of revenues).
Invest Securities stresses that at this stage, the company has not announced any strategic change and that the roadmap is particularly based on the continued repositioning of part of its portfolio (14%) on the least risky segments (leisure and domestic).
The share is currently up about 0.6%, about three times the market at noon.
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