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Investing.com - BNP Paribas (OTC:BNPQY) Exane upgraded Covivio (EPA:COV) stock rating from Neutral to Outperform on Wednesday, while raising its price target to EUR64.00 from EUR52.00.
The upgrade follows Covivio’s interim results released on Monday, which prompted BNP Paribas Exane to increase its FY25 and FY26 earnings forecasts by 4% and 5% respectively.
BNP Paribas Exane cited a favorable view of Covivio’s portfolio rebalancing strategy as a key factor in the rating change, noting potential for earnings growth and increasing total returns.
The research firm expressed confidence in Covivio’s outlook despite acknowledging the high volumes of capital recycling required to reach target portfolio weights.
BNP Paribas Exane also highlighted that Covivio’s valuation remains attractive despite the stock’s year-to-date outperformance.
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