(Finance) – Intesa Sanpaolo he lowered the target price (to 1.80 euros per share from 2.60 euros) and confirmed the recommendation “Hold” on the IGD SIIQ stock, one of the main players in Italy in the retail real estate sector and a company listed on Euronext STAR Milan, after the publication of the 2023 results.
Analysts write that the results of the fiscal year showed a outperformance in terms of FFO compared to the company’s guidance, but theLTV was penalized from the decline in the market value of the portfolio due to higher interest rates applied.
“We maintain our neutral stance on the stock as the outlook is clouded by higher financial charges that will impact FFO in the coming years, with a limited short-term visibility on further asset disposals or refinancing opportunities“, we read in the research.