Jefferies expects Unibail valuation to normalise in 2024, cuts to 'hold'

Unibail-Rodamco-Westfield SE

09/02/2024 09:47

** Jefferies cuts French shopping mall owner
Unibail-Rodamco-Westfield (URW)  URW.PA  to "hold" from "buy",
expecting the stock's valuation to normalise this year after a
strong rally
    ** 2023 results were "a good print", and the company is
"back on track" says Jefferies, pointing to improvement in main
KPIs and 2024 targets exceeding the broker's estimates 
    ** However, URW's valuation should stabilise this year, the
broker says
    ** "Following the strong share price increase, we now
struggle to find enough upside to justify a Buy rating" -
Jefferies
    ** The broker's price target remains unchanged at 78 euros;
URW closed on Thursday at 70.08 euros
    ** Out of 18 analysts that cover URW, nine rate the stock
"strong buy"/"buy", six "hold" and three​ "strong sell"/"sell" 

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))