Klépierre shares were among the biggest decliners on the SBF 120 on Monday's Paris Bourse, penalized by a recommendation downgrade from RBC.

This morning, analysts at the Canadian bank downgraded their recommendation on the commercial real estate group's shares to 'underperform' from 'in line with sector performance'.

However, their price target has been revised upwards to 25 euros.

According to Royal Bank of Canada, Klépierre's risk/return profile is now 'less attractive' than those of other players in its sector.

'We believe that Klépierre benefits from a sound strategy and good operational execution', says RBC in its note.

However, after outperforming the rest of the European real estate sector by 45% over the past year, the stock is trading on multiples that are more demanding than its five-year historical average for the sector", explains the Canadian bank.

RBC adds that the slowdown in economic growth, combined with rising interest rates, is likely to lead to a downward revision of earnings expectations for the shopping center operator over the next few years.

At 12:15 pm, the share price was down 2.7% at 136 euros, having lost more than 3% in the course of the morning.

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