Unibail-Rodamco-Westfield: UBS raises target price
(CercleFinance.com) - On Friday UBS raised its target price for Unibail-Rodamco-Westfield shares to 78 euros (from 60 euros), following the publication of the commercial property giant's interim results.
The broker - which maintains its "neutral" rating on the stock - said the announcement highlighted the progress made in terms of deleveraging, with the group's net debt reaching 23.5 billion euros at 30 June.
UBS, which notes some signs of "thawing" in the commercial property market, also mentions the process of streamlining of activities undertaken in the US.
The analyst says that this approach should involve shopping centre closures, regional asset disposals and other measures to "drastically reduce" exposure to the US market.
However, UBS says that the main risks associated with the case remain; i.e. the possibility of further lockdowns or traffic restrictions, as well as the introduction of the "health pass" in shopping centres in France.
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