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Investing.com - JPMorgan has upgraded Klepierre SA (LI:FP) (OTC:KLPEF) from Underweight to Overweight and raised its price target to EUR38.00 from EUR31.00, citing the company’s operational resilience and underestimated capital value growth potential.
The upgrade comes as Klepierre has emerged as one of the sector’s best performers year-to-date, with shares up 14% relative to the EPRA Index, contradicting JPMorgan’s previous thesis about the company’s exposure to weak consumer spending.
JPMorgan highlighted Klepierre’s solid first-half 2025 results and expects the company to maintain its 6% EBITDA growth into the second half, exceeding management’s guidance for 5% growth for the full fiscal year 2025.
The investment bank’s analysis suggests Klepierre’s capital value growth potential is being underestimated by the market, with JPMorgan forecasting Net Tangible Asset growth 5% above Bloomberg consensus over the next three years, including 11% year-over-year growth in fiscal year 2025.
Klepierre is currently trading at 12 times fiscal year 2025 price-to-earnings with a 6% dividend yield, which JPMorgan views as attractive compared to the sector’s 17 times multiple, with the firm suggesting that any volatility caused by ongoing political uncertainty in France could present a buying opportunity.
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