MRM: Invest Securities reduces target price

(CercleFinance.com) - The broker confirms its Neutral rating on the share, reducing its target price to E20 (from E25.
1), due to higher financing costs and a lower payout.

The analyst considers that the operating data published by the property company since the beginning of the year is encouraging (tenant sales +5%, LFL growth in gross rents: +2.9%).

Due to the size of the portfolio, however, they remain volatile, with an excellent H1 2023 (tenant sales +6%, occupancy rate +200bp to 90% at end-June 2023), although data for Q3 2023 is more mixed, Invest Securities says.


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