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Investing.com - Kepler Cheuvreux downgraded CTP NV (AS:CTPNV) from Buy to Hold while raising its price target to EUR20.40 from EUR19.90, representing a 2.5% increase.
The downgrade comes despite CTP’s strong operational performance, with the company signing 1 million square meters of leasing year-to-date, 11% above last year’s figures, at an average rental uplift of 5%.
Kepler Cheuvreux noted that CTP’s current valuation exceeds 20 times price-to-funds from operations (P/FFO), making it no longer cheap compared to peers, even when adjusting for future growth prospects.
The research firm’s 2026-27 earnings per share estimates fall below consensus, with Kepler Cheuvreux observing that analysts often lower their year-ahead estimates as projections approach the following year.
Following the downgrade, Kepler Cheuvreux removed CTP from its Sector Most Preferred List after the stock outperformed by 23% this year, citing potential short-term headwinds due to greater downgrade risk than upgrade potential from other analysts.
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