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URW: Goldman Sachs downgrades stock

( - On Friday Goldman Sachs downgraded its rating on Unibail-Rodamco-Westfield shares from "neutral" to "sell", reducing its 12-month target price for the share from 44 euros to 39 euros (current price just under 51 euros, -2.

In its comments on the European real estate sector, the analyst said he perceived an execution risk regarding the disposal program launched by the shopping centre operator.

He expects disposals to be later and smaller, while reducing price expectations.

Overall, despite inflationary pressures supporting rental prices, Goldman expects higher vacancy rates, lower rental margins and rising interest rates, with debt levels expected to remain high, all of which lead it to downgrade its recommendation on Unibail today.

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