Invest Securities maintains its 'buy' recommendation on Klépierre, with an adjusted price target of 25.5 to 25.1 euros, following the announcement of 'encouraging operating data despite pressure on discretionary consumption'.

'Despite the expected decline in cash flow (due to provision reversals in 2022), we still consider the assumption of a stable dividend in 2023 to be credible', reacts the analyst in charge of the retail property group.

However, as with other retail property companies, the research department is adopting 'a more cautious approach in view of the rental risk associated with retailer defaults, as well as the persistently high three-month Euribor rate'.

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