Icade: Invest Securities confirms buy rating

(CercleFinance.com) - On Friday morning, Parisian broker Invest Securities confirms its buy rating on the share of real estate and land group Icade, welcoming the crystallisation of value by an acceleration in divestments.

The broker has inched up its corresponding target price from 81 euros to 81.5 euros.

As it has said over the past few months, Icade has stepped up the sale of its mature assets, analysts said after the group announced the sale of the Crystal Park office block in Neuilly for almost 700 million euros.

The yield has not been announced, although we estimate it at close to 3.6%, in line with the best transactions in the area. Although these disposals (that of Eqho could be announced in 2019) will penalise EPS in the near term, they are relevant, as prices have reached new highs and Icade can reinvest in development projects or acquisitions of more profitable health assets, Invest Securities says.



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