Invest Securities maintains its buy rating on Klépierre shares, with a target price raised from 26.2 to 27.3 euros.

The property company has published good operating data for 2023, even if the level of detail has deteriorated further", believes Invest Securities.

The broker reports that tenants posted sales growth of +6%, while continuing strong demand for the property company's assets enabled it to maintain its occupancy rate at the very high level of 96%, while still capturing a clearly positive reversion (+4.4%).

Furthermore, "the excellent balance sheet situation has enabled us to take full advantage of the reopening of the bond markets on better-than-expected terms (€600m bond, 9.5-year maturity with a 3.875% coupon)", adds the broker.

Finally, Invest Securities believes that the dividend should be able to grow steadily over the medium term (TCMA 2028-2023 of +2.9%).
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