(Finance) – Intesa Sanpaolo he confirmed target price (25 euros per share, with a potential upside of 16%) e recommendation (Buy) on the title Eurocommercial Propertiesa real estate investment company listed on Euronext Milan with a dual listing.
Analysts wrote that the 9M 2023 results “showed once again the operational solidity of the portfolio of Eurocommercial Properties, in our opinion, despite the uncertain economic outlook, inflation and higher interest rates, thanks to growth supported by rental affordability and tenant demand, which has led to positive renewals and re-lettings.”
The broker updated its FY23-25 estimates primarily to incorporate slightly lower expenses, which push EPS forecasts higher by 2.5% on average over the next few years. This is in line with management’s updated guidance for FY23 on direct investment result, which now ranges between 2.3-2.35 euros per share (compared to 2.25-2.35 euros per share previously ).