Oddo maintains its 'outperform' rating on Argan, with an unchanged target price of 93 euros.

The research firm reports that the company is "generally confident about its growth prospects in 2023/24".

Rental momentum remains very good, with an average indexation of +4% in 2023, in line with expectations, on an existing portfolio that remains 100% occupied.

Oddo notes that Argan is revising upwards its development prospects for 2023/2024. J.-C. Le Lan, Chairman of the Supervisory Board, confirms a volume of deliveries of new warehouses worth 134 ME already pre-financed for 2023, while the budget for deliveries in 2024 is about to be revised upwards: it should reach 180 ME vs. 120 ME previously targeted.

In this context, 'we expect growth in Recurring Net Income (RNR) / share of 4.1% in 2023e and 3.5% in 2024e', says Oddo.

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