On Wednesday, Jefferies initiated coverage of Argan shares with a "hold" recommendation and a price target of 71 euros.

In a wide-ranging study of European property companies, the broker points out that the specialist in high-end warehouses has been penalized by the sluggishness of the French commercial leasing market, even though the trend has recently firmed up somewhat.

The broker is also concerned about a possible downgrading of S&P's rating in view of the company's debt ratio, which it believes is approaching the dangerous 50% mark.

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