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Unibail-Rodamco-Westfield: BofA still a seller

( - On Tuesday Bank of America repeated its "underperform" rating on Unibail-Rodamco-Westfield shares, with a price target of 45 euros, which give them downside potential of around 33%.

In a study published this morning, the US bank stressed that the share has outperformed its sector since the beginning of the year, a phenomenon which it attributes, amongst other things, to Xavier Niel's acquisition of a stake in the company and the business' recovery following the Covid crisis.

However, BofA warns that this strong performance is about to hit a wall, with it seeing several adverse catalysts ahead, including a downward turn in earnings momentum, rising interest rates hurting asset values, soaring inflation and slowing growth weighing on both tenants and consumers.

The shops seem pretty empty this afternoon as it happens, with the share down over 1%, although this is bang in line with the market at present.

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