MS upgrades URW to 'equal-weight' after business plan to 2028

Unibail-Rodamco-Westfield SE

19/05/2025 08:13

** Morgan Stanley upgrades France's Unibail Rodamco Westfield URW.PA to "equal-weight" from "underweight", saying the mall operator's Capital Market Day showed its performance is holding up, while its stock value puts it in line with peers

** URW presented its business plan to 2028 last week, targeting annual EBITDA growth of 5.8-6.6% and a dividend of 4.50 euros ($5.04) per share for 2025

** "Unibail is trading well ... and management is underwriting sustained further growth suggesting there are limited risks from a weakening macro or consumer backdrop," MS says

** However, the group has a mixed track record on capital allocation and on delivering in certain key areas, the broker adds

** MS increases its estimate for URW's dividend per share for 2025-2027 by 13-27% and ups its PT by 6% to 85 euros

** Up to Friday's close, URW's shares were up 7.1%​ YTD at 77.9 euros

** Out of 18 analysts that cover URW, 11 rate the stock "strong buy" or "buy", ​six "hold" and one "sell"

($1 = 0.8928 euros)

 (Reporting by Alessandro Parodi)

 ((Alessandro.Parodi@thomsonreuters.com;))