CIC Corporate & Institutional Banking, Portzamparc (BNP Paribas), and TP ICAP have all initiated coverage of the stock with Buy recommendations. Price targets range from 69 EUR to 74 EUR, representing an upside potential of 38% to 48%.

Specifically, CIC highlights a vertically integrated model that preserves high margins and generates solid cash flow, supported by a 15-project pipeline providing clear visibility. The analyst has set a target price of 69 euros.

Portzamparc notes that the investment case is built on strong operational visibility: a pipeline of 15 programs representing 1,009 million euros in business volume, equivalent to 335 units or 46,000 sqm. The firm points to an average project margin (pre-tax) of 18.1%, with 65% of the land bank already secured. The price target is set at 73 euros.

Finally, TP ICAP emphasizes growth potential beyond current projects, particularly through the expansion of service activities. These operations are less capital-intensive and are bolstered by the renovation needs of the mountain real estate market. The price target has been raised from 67 to 74 euros.

The stock edged down 0.2% today in Paris, closing at 50.1 euros.