** Kepler Cheuvreux upgrades Belgian real estate company Cofinimmo COFB.BR to "buy" from "hold" in light of a proposed tie-up with Aedifica AOO.BR
** "The combined entity will have improved firepower, and Aedifica could return to its acquisition path," it says, adding the combined company could see higher passive inflows into the shares
** Despite some share price weakness in December, the broker says it holds a positive view of Aedifica's shares, "given the current multiples versus the growth outlook" and ups its rating to "buy" from "hold"
** On the other hand, Kepler downgrades Colonial SFL COL.MC to "hold" from "buy", citing a more unstable occupier market in Paris and "the need for deleveraging given the unpredictable investment environment"
COMPANY
RATING
OLD RATING
PT
OLD PT
Aedifica
Buy
Hold
76.00 euros
70.00 euros
Cofinimmo
Buy
Hold
85.00 euros
80.00 euros
Colonial SFL
Hold
Buy
5.80 euros
6.90 euros
(Reporting by Javi West Larrañaga)
((javier.west@thomsonreuters.com; +34 918 35 61 12))