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Argan: Invest Securities raises its target slightly

( - Invest Securities maintains its 'neutral' rating on Argan shares, with its target price raised slightly from 74.
9 to 75.2 euros.

The analyst points out that yesterday Argan finalized a ?150 million capital increase at ?74/share, with its development ambitions slightly revised upwards.

We welcome this transaction: it was carried out at a price very close to the company's NAV (79.1E), a possibility only available to a very small number of property companies, and will enable the company to reduce its debt more rapidly in a context of a sluggish logistics investment market in Q1 2024", says Invest.

The broker nonetheless believes that, from a medium-term perspective, the growth profile, particularly in terms of distribution, would remain virtually unchanged, with initial dilution on RNR (of the order of -6% on a full-year basis) offset by more sustained growth in RNR.

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