Invest Securities has reaffirmed its 'buy' recommendation on Carmila, and lowered its target price from 18.8 to 18.2 euros, following a trading update which highlighted 'satisfactory operating performance against a backdrop of rising financial expenses'.

Over nine months, operating activity remained buoyant (occupancy +3%, sales +8%), while continuing strong demand for the company's properties enabled occupancy to remain stable at the high level of 96%", said the analyst.

Even after taking into account higher-than-anticipated financing costs, the real estate company should be able to post respectable, smooth growth in its dividend over the medium term (TCMA 2023/28 of +2.8% to 1.38 euro)', it believes.

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