Invest Securities reaffirms its 'buy' recommendation on Covivio, while adjusting its target price from 61.7 to 61 euros, in view of the property company's higher medium-term refinancing costs.

In the wake of its first-quarter trading update, the research department points in particular to "the exceptional organic growth in hotel revenues (+57.5%) and the continuing sustained and predictable rise in German residential rents (+3.9%)".

"We do not see any notable elements in the publication likely to change our perception of the company and its strategy (presented in December 2022)", nevertheless indicates the analyst in charge of the file.

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