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Mercialys: Jefferies raises target price

(CercleFinance.com) - Jefferies has confirmed its 'buy' recommendation on Mercialys shares, raising its target price for them from E12 to E13, judging that the property company's valuation remains attractive at 9.
8x expected FFO for 2024, and an implicit yield of 7.7%.

We are still waiting for the next step for Mercialys, which should involve asset acquisitions, the broker says, also pointing to the sale of Casino's hypermarkets to more powerful food retailers.

We see other potential catalysts, such as refueling the development pipeline by reducing store floor space, or sector consolidation with Mercialys as a potential target, Jefferies continues.



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