Invest Securities has reaffirmed its 'buy' recommendation and 54.3 euro price target on Covivio, following a business update which it described as reflecting a 'good first quarter' in 2024.

"The good operating momentum across all its portfolios has enabled the property company to post robust organic revenue growth of +7.1%, erasing the dilutive impact of the major disposals carried out in 2023", it emphasized.

The completion of the entire disposal plan by the end of the financial year still seems very credible to us", adds the analyst, for whom the public exchange offer for the remaining shares in Covivio Hotels "still seems positive for the Group, but carries a risk of paper reversion".

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