Invest Securities has downgraded its recommendation on SFL (Société Foncière Lyonnaise) from 'neutral' to 'sell', with a price target reduced from 59 to 55 euros, believing that the sharp adjustment in NAV NTA per share should continue between now and the end of 2024.

While recognizing that operating data for 2023 are 'very good, as evidenced by strong organic rental growth (+8.5%)', the research department also notes a sharp rise in financial expenses.

Even if SFL is one of the few real estate companies to offer excellent guarantees in terms of revenue growth, the valuation of the share now seems too high to us", says the analyst, for whom, however, "distribution capacity is not threatened".

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