Invest Securities confirms its "neutral" rating on Argan shares, with a price target lowered from 75.7 to 74.9 euros due to lower-than-anticipated development ambitions.

The analyst points out that Argan has published, unsurprisingly, a 2023 RNR of 5.48E/share (+4.7%) in a context of still robust fundamentals (100% occupancy rate).

Fiscal 2024 should follow the same trajectory, according to the company's guidance, which we consider very credible (NI +6%, dividend +5%). Beyond 2024, the success of the asset rotation strategy will depend on conditions in the investment markets', believes the analyst.


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