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Covivio: Invest Securities remains Buy

( - Invest Securities is maintaining its 'buy' recommendation and 54.
3 euro price target on Covivio, pointing out that, with regard to the public exchange offer for its subsidiary Covivio Hotels, the risk of a paper backlash on the parent company's shares has been 'significantly mitigated'.

The main shareholders of Covivio Hotels (mainly insurers, 45% of the capital) will not tender their shares to the public exchange offer to be launched on May 30 by Covivio for Covivio Hotels (52% owned by Covivio)", the analyst points out.

The fact that Covivio intends not to contribute to the offer is not really surprising, given the profile of the vehicle, which seems to us to be well suited to the expectations of Covivio Hotels shareholders when they do not have a particular need for liquidity", he continues.

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