Citi upgrades Klepierre on expected market recovery, shares rise

Klepierre SA

04/06/2024 09:49

** Shares in French shopping centre operator Klepierre
 LOIM.PA  rise 2% after Citigroup upgrades the stock to "buy"
from "sell" citing expected market recovery
    ** With upcoming rate cuts likely to increase retail
spending and reduce the risks of deep recession impacts on rent,
Citi says Klepierre looks more attractive
    ** "The stock valuation is likely to move towards historic
positive cycle levels, in our view, and should benefit from the
compounding effect of rents should share count dilution risk be
avoided," Citi says
    ** Out of 19 analysts that cover Klepierre, eight rate the
stock "strong buy"/"buy", ​six "hold" and five​ "strong
sell"/"sell"
    ** The stock is up nearly 11% YTD

 (Writing by Alban Kacher)
 ((alban.kacher@thomsonreuters.com))