While maintaining its 'neutral' recommendation, Invest Securities is adjusting its target price from 72 to 72.5 euros, following the property company's announcement of 11% year-on-year rental growth, partly due to 'still robust fundamentals'.

According to the research firm, Argan's year-end targets "still appear credible (rents +10% and recurring net income +4%), particularly in view of a capital expenditure volume of 135 million euros".

The surprise comes from increased development ambitions for the 2024 financial year (175 million euros), which should enable it to post respectable levels of growth over the next two financial years', it continues.

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