While maintaining its 'neutral' recommendation on Argan, Invest Securities has raised its one-year target price from €65.7 to €75.7, following the property company's unsurprising publication of 2023 rental income up 11% to €183.6 million.

"The 2023 annual RNR and dividend targets (+4% and €3.15 respectively) still seem just as credible to us, while the growth momentum should continue into 2024", the analyst believes.

The success of the asset rotation strategy will, however, depend on investment market conditions", he adds, pointing to valuations at the end of December suggesting a possible start to stabilization in logistics asset values.

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