By 10:30 am, shares in the French shopping mall specialist were up more than 1.8% at 31.6 euros, outperforming a 0.3% rise for the SBF 120 index at the same time.

Goldman Sachs upgraded its recommendation on the stock from "Sell" to "Buy" this morning in a note dedicated to the European real estate sector, raising its price target from 37.8 to 41.8 euros.

Underestimated resilience and significant catch-up potential

The brokerage emphasizes that activity in major shopping centers remains robust, even in an uncertain economic climate, with occupancy rates improving to 97.1% compared to 96.5% in 2024, while rents continue to trend upward.

In its note, the firm also highlights the group's robust financial position, noting that debt is well-managed, debt costs remain limited, and financing is well-secured for the coming years.

Goldman adds that the stock is currently trading at a discount to its net asset value, while offering an attractive dividend yield. Its new target implies an upside potential of approximately 34% relative to Friday's closing price.