J.P. Morgan cuts Alstria Office to 'neutral' on Brookfield's bid

Alstria Office REIT AG

07/12/2021 10:18

** J.P.Morgan cuts Germany-based real estate Alstria Office
AG  AOXG.DE  from "overweight" to "neutral", saying Brookfield's
 BAMa.TO  bid captures the valuation upside  urn:newsml:reuters.com:*:nL8N2RV4JP
    ** It upgrades PT to 19.50 euros, in line with Brookfield's
offer
    ** The broker also updates its model for Q3 guidance, seeing
a small upgrade to FFO (funds from operations) per share
    ** JPM deems the company "well positioned for evolving
investor risk preferences in an advancing German office market
cycle and COVID-19 recession risks"
    ** Points to the company's strong balance sheet and prime
portfolio, which provides it with relative protection in the
sector, albeit with limited growth potential
    ** Out of 13 analysts that cover Alstria Office, two rate
the stock "buy", nine rate it "hold," and two rate the stock
"sell" or lower

    

 (Reporting by Anastasiia Kozlova in Gdansk)
 ((Anastasiia.Kozlova@thomsonreuters.com))