Invest Securitiesmaintains its Buy rating on Carmila shares, with a price target reduced from 18 to 17.8 euros.

Operating data to the end of March show a degree of resilience, despite a theoretically unpromising context for discretionary consumption. In fact, footfall is up +5% year-on-year, and sales are up +10%, well above indexation (+4.1%)", stresses the analyst.

What's more, despite already high indexation in 2022 (+3.2%), the real estate company managed to extract a positive reversion (+2.9%). Thanks to indexation, net rents finally rose by +5.5% (no organic growth communicated), reports Invest.

In this context, "the tone of the published data seems positive to us, even if we will remain vigilant regarding the impact of bankruptcies, which is more explicit at Mercialys", concludes the broker.

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