Oddo BHF is maintaining its Underperform rating with a price target of 22.0 EUR following the release of first-quarter 2026 figures.
Icade's revenue for Q1 2026 fell by 14.7% to 278 MEUR.
According to Oddo BHF, this release is in line with expectations and does not yet reflect an improvement in operations.
The analyst has yet to identify any notable improvement in Icade's activities that would warrant a change in the stock's recommendation.
"This trend includes resilient leasing momentum in the Office property division and residential development bookings impacted by a difficult month of March," Oddo BHF stated.
The analyst also noted that the group confirmed its 2026 guidance but remains cautious regarding the deteriorating geopolitical environment, which could affect the group's activities, though it is not yet possible to precisely assess the impact or duration.
"The group continues to target 2026 NCCF per share of between 2.90 EUR and 3.10 EUR, of which 2.25 EUR to 2.45 EUR is from strategic activities and 0.65 EUR per share from non-strategic healthcare activities," the research firm indicated.
Icade is both a commercial real estate company (assets at 12/31/2025: EUR 6.1 billion, including 100% ownership and joint-venture interests) and a property developer (net sales in 2025: EUR 1.1 billion), operating throughout France. As a long-term partner, Icade responds to changing needs and puts climate issues and the preservation of biodiversity at the heart of its business model, reinventing real estate and contributing to a more sustainable city.
Listed (SIIC) on Euronext Paris, Icade's main shareholder is the Caisse des Dépôts group.
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