Klépierre: Berenberg raises TP

(CercleFinance.com) - Berenberg maintains its 'hold' recommendation on Klépierre, while raising its target price for the stock from E26.
5 to E30.

The analyst says that he has raised his forecasts for the shopping center operator, and expects a slight improvement in the value of its portfolio.

In his opinion, the average net yield of the portfolio should have reached a low point of 5.9% by the end of 2023.

Berenberg also expects the valuation of its shopping centers to be supported by the positive trend in rents, despite the recent cut by the ECB.

The broker, which hopes that the favourable momentum of the beginning of the year will continue, adds that the group's financial profile may enable it to make targeted acquisitions.

Finally, although the share is trading at a slightly lower discount to net book value than its European peers, the professional believes that the current valuation remains "undemanding".


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