Invest Securities confirms its Buy rating on Covivio shares, with a lowered target price from €65 to €61.7.

At its Investor Day, and against a backdrop of reduced visibility, the company adopted a more cautious approach, announcing a disposal plan of €1.5 billion over 24 months (8% of the Group's assets).

Although it is likely that all these disposals will be completed by the end of 2024, this is not a certainty, given the sluggishness of real estate investment markets", says the broker, who adds that the Group is adapting its investment plan (900 million euros by the end of 2024), with a particular focus on asset centrality.

The company has said it is confident of achieving its 2022 RNR target (4.5E/share +3% vs 2021), but the signals sent out in 2023 suggest a decline in RNR (-3.2% according to our estimates)", reports Invest.

The good debt profile does not, in our view, give rise to fears of a collapse in distribution. However, the assumption of stability becomes more credible in the medium term', concludes the analyst.

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