While maintaining its 'neutral' recommendation on Argan, Invest Securities has lowered its target price from 69.9 to 65.7 euros, 'on the back of more conservative forecasts' following the logistics property company's nine-month trading update.

Pointing to "still robust fundamentals", the research firm notes that the property company has reiterated its 2023 targets, which "still seem credible, while development ambitions for 2024 remain unchanged".

"The publication therefore offers no surprises, but the recent tension on interest rates calls for caution, particularly with regard to the level of appraisals and refinancing costs", warns the analyst.

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