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Investing.com - Barclays downgraded Klepierre SA (EPA:LI) (OTC:KLPEF) from Overweight to Equalweight and maintained a price target of EUR34.00 on Monday.
The downgrade comes despite Barclays noting no fundamental issues with the French commercial real estate company, which surprised the market with two major acquisitions in 2024 but has not announced any this year.
Barclays cited external factors beyond the company’s control as the primary reason for the rating change, specifically highlighting Simon Properties’ €750 million convertible bond that matures in November 2026.
The investment bank believes the bond is well into the money and likely to be settled in shares as "the cheapest alternative for Simon Properties," potentially raising questions about the long-term commitment of Klepierre ’s largest shareholder.
Klepierre currently trades at an 8.2% fiscal year 2025 estimated EPS yield (or 12.2x PE) with a 3% five-year EPS compound annual growth rate, according to Barclays’ analysis.
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