Invest Securities maintains its 'neutral' rating on Fonciere INEA shares, with a price target lowered from 43.6 to 34.9 euros, due to market conditions (refinancing costs and capitalization rate).

The analyst reports that operating data published since the beginning of the year have confirmed the resilience of the portfolio.

The positioning on relatively recent regional offices (80% of the portfolio) and business premises adapted to demand should guarantee a certain resilience in NAV/share and a moderate fall in RNR/share, which are "two estimable performances given the rise in interest rates", says the broker.

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