Invest Securities reaffirms its 'buy' recommendation on Icade, with a price target adjusted from 46 to 43.5 euros, judging the real estate group's stock 'still attractive despite an increased execution risk' with regard to stages 2 and 3 of the sale of Icade Santé.

While management concedes that completion of the transaction could take longer than anticipated (until 2026, in our opinion), we do not rule out greater pressure on sale prices", warns the analyst in charge of the file.

The ambitions and pace of deployment of the new strategic plan will depend very much on the level of future asset write-downs", he continues, pointing out that cumulative dividends for 2023-26 represent 60% of the current share price.

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