Baader downgrades Patrizia seeing lower transaction volumes in uncertain market
27/10/2022 14:19
** Baader Helvea cuts German real estate investment manager
Patrizia PATGn.DE to "reduce" from "add" due to the uncertain
market environment, expecting negative news for 2022 and
cautious outlook for 2023
** The brokerage says it fears that the usually strongest
transaction quarter of a year will fail this year, adding it
believes the Q4 and Q1 transaction volumes will remain at least
uncertain
** Finding the right pricing remains challenging due to
still uncertain geopolitical, economic and most importantly
interest/financing rate environment, it adds
** The broker also notes that lower transaction volumes
could trigger guidance cut
** "In our view, it's too early to count on a fundamentally
driven recovery of the stock," Baader adds
** Shares are down 1.4% in the afternoon trade
(Reporting by Anastasiia Kozlova)
((Anastasiia.Kozlova@thomsonreuters.com))