Oddo BHF maintains its 'outperform' rating on Argan shares, with a downward revision of its target price from 93 to 84 euros, due in particular to a faster-than-expected decline in asset values.

Yesterday evening, Argan published quarterly results in line with its growth trajectory, with CEO recurring net income of E62.8 bn and continuation EPRA Net Asset Value (NTA) down -16% over 6 months to E78.1 (vs. NDV NAV of E85.3) following the revaluation of assets to E3.64 bn vs. E3.94 bn at end 2022.

Finally, Argan confirms its guidance with an expected RNR 2023 of 124 ME and raises its 2023 dividend target to 3.15 E vs. at least 3.00 E previously', says Oddo BHF.

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