Gecina: Morgan Stanley upgrades to buy
(CercleFinance.com) - Morgan Stanley has upgraded its rating on the Parisian commercial property company Gecina to Buy ("outperform"), against a previous neutral stance "weight in line".
The broker has raised its corresponding target price from 155 euros to 160 euros.
Analysts praise the quality of the group's business model, which is focused on the tight market for Paris offices, as well as its value extraction in the residential segment. Morgan Stanley believes that this would justify a reduction in the share's discount relative to restated net asset value.
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