FRANKFURT (dpa-AFX) - Shares in TAG Immobilien reacted to a positive analyst note on Tuesday, climbing to their highest level since early March. By mid-morning, the real estate group's stock was trading up 1.6 percent at 15.77 euros, continuing the V-shaped recovery seen in recent weeks.
After reaching an interim peak of 16.80 euros at the end of February, the shares had plummeted by more than 28 percent within just over three weeks. Since hitting a low of 12.03 euros about four weeks ago, they have rebounded by nearly a third.
British investment bank Barclays upgraded TAG shares from "Equal Weight" to "Overweight" on Tuesday, raising the price target from 15.20 to 17.30 euros. Analyst Celine Soo-Huynh expects the company to deliver average annual earnings growth of 5.5 percent over a five-year horizon. She views management's acquisition strategy favorably, as well as its operations as a project developer in Poland./edh/jha/
