Invest Securities has reaffirmed its 'buy' recommendation and 35 euro price target on Icade, following the release of operating data to the end of March which, 'without being catastrophic, testify to the structural pressures from which the portfolio is suffering'.

'In fact, the defence of occupancy is once again leading to concessions on rental values. At the same time, leading indicators for the property development business point to a probable decline in revenues and margins", notes the analyst.

"Management has not announced any changes to the new roadmap presented last February", adds Invest Securities, pointing out that Icade expects a CFNC for strategic activities of between 2.75 and 2.90 euros for 2024.

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