Invest Securities confirms its buy rating on Icade shares, with a price target reduced from €43.5 to €35.

Icade has presented a new 2024-28 strategic plan focused on improving the average quality of its assets through relevant diversification, albeit at the margin, while preserving its balance sheet.

These ambitions seem credible to us, but show that the room for maneuver is limited, as the Group has to deal with an existing portfolio that is under pressure", says the analyst, who points to the departure of a number of tenants by the end of 2024, representing 11% of rents, at a time when occupancy is already low (88%).

Despite everything, we still consider the stock attractive in view of the 2023-26 cumulative dividends (67% of the current share price), concludes the broker.


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