Invest Securities reaffirms its 'buy' recommendation on Covivio, and raises its target price from 51.3 to 54.3 euros, citing the property company's 2023 results, marked by 'a rebased dividend from 2023, but offering a secure yield of 8%'.

The analyst in charge of the file points out that "the property company's ever-cautious approach was reflected in the announcement of a lower dividend from 2023 (3.30 euros vs. 3.75 euros), with a share payment option".

For 2024, Covivio is targeting a return to cash distribution, with a payout ratio of over 80%. The RNR trajectory we expect by 2028 gives reason to hope for a dividend at least equal to the one we estimate in 2024 (3.39 euros)', he continues.

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