Invest Securities reaffirms its 'buy' recommendation on URW (Unibail-Rodamco-Westfield), while raising its target price from €79 to €84, due to the inclusion of lower financial costs.

"URW has published excellent 2024 operating data, but with a few points to watch out for (much lower reversions in the second half of 2023, EBITDA margins notably lower than in 2019)", notes the analyst.

The recovery of distribution at a low level, with a commitment to rise in line with divestments, limits visibility on a share that suffers from the absence of a reliable timetable for divestments in the United States", he continues, nevertheless deeming URW "intrinsically undervalued".

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