Barclays announced on Thursday that it had directly upgraded its recommendation on Klépierre shares from 'underweight' to 'overweight', with a price target raised from 22 to 24 euros.

In a note devoted to the European real estate sector, Barclays analysts point out that Klépierre has emerged from the Covid crisis with occupancy rates close to their pre-pandemic levels.

Above all, they point out, the property company has succeeded in renewing 26% of its retail space thanks to the arrival of new occupants, while maintaining occupancy costs at 13%.

While acknowledging that the Group's occupancy rates could prove volatile this year, due to the cost increases that retailers are having to undergo, the analysts explain that they expect this indicator to stabilize overall.

While 50% of analysts covering the stock have a negative recommendation on Klépierre, Barclays considers that the market is currently underestimating the company's relative resistance to a possible economic slowdown.

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