Argan: Invest Securities upgrades stock

(CercleFinance.com) - Invest Securities has upgraded Argan shares from 'neutral' to 'buy', after the share's recent decline, with an unchanged target price of E80.
8 after a nine-month business update that leaves its risk perception and forecasts unchanged.

The analyst notes that the +9% y-o-y rise in rental income is partly due to investments made in 2023 and 2024, but also to continuing robust fundamentals (100% occupancy rate) and strong indexation (+4.6%).

Against this backdrop, the property company has very slightly raised its 2024 annual rental income target to E198m, which we still consider very credible. Argan has not announced any changes to its development strategy, he continues.


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