Invest Securities maintains its buy recommendation on Klépierre, with a price target reduced from 26.3 to 25.5 euros, due to conservative forecasts.

The analyst reports that the figures published by Klépierre confirm a return to normality, with a high occupancy rate of 95.8% and a clearly positive reversion (+4.1%).

' CFNC growth was up +20.1% to 2.62E/share, clearly exceeding guidance (2.45E/share) and our expectations due to strong reversals of provisions'.

Nevertheless, the broker believes that this well-balanced publication in operational terms was tarnished by a CFNC 2023 guidance (2.35E) expected to be down -10.4% due to non-recurring items of relative clarity (+5% excluding these items), which may have misled the market.

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