Europe Real Estate: UK upgrades, Retail and French office cuts - GS

Eurocommercial Properties NV

17/01/2020 07:50

** Goldman Sachs sees European Real Estate valuation as
attractive due to an improved growth outlook and defensive
nature of the sector, while remaining cautious on retail
    ** The broker expects earnings per share growth to improve
to 5-6% in 2020-2021 from 3% in 2019
    ** Upgrades Big Yellow  BYG.L , British Land  BLND.L  and
Landsec to "buy" from "neutral", Great Portland Estates  GPOR.L 
to "neutral" from "sell" on lower cost of capital assumption for
UK
    ** Downgrades France's Icade  ICAD.PA  and Gecina  GFCP.PA 
to "sell" and "neutral" respectively after outperformance and a
weaker outlook
    ** Also cuts Unibail-Rodamco  URW.AS  and Eurocommercial
Properties  SIPFc.AS  to "neutral" and "sell" respectively due
to weaker retail operational prospects
    ** Downgrades Finland's largest private residential real
estate company Kojamo  KOJAMO.HE  to "neutral" from "buy" after
outperformance 

 ((masha.trybus@thomsonreuters.com))