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On Friday, Kepler Cheuvreux analyst Frederic Renard revised the rating for Klepierre (EPA:LOIM) SA (LI:FP) (OTC: KLPEF), elevating it from Hold to Buy and increasing the price target from EUR31.00 to EUR35.00. Following the company's full-year 2024 results, the analyst acknowledged Klepierre's notably strong performance over the past three years, despite having previously rated the stock as Hold since September 2023 and showing a preference for Unibail-Rodamco-Westfield (URW), which had outperformed Klepierre by 37% since the reinitiation.
Renard highlighted the clarity of Klepierre's investment case, pointing out the effectiveness of the company's capital allocation strategy during periods of market turbulence. He also noted the foreseeable visibility on earnings and total returns, coupled with the potential for acquisitions.
The analyst projected a 14% compound annual growth rate (CAGR) in total accounting return by 2027 and stated that Kepler Cheuvreux's earnings per share (EPS) estimates for 2025 are above the guidance provided by Klepierre. Renard's analysis suggests a shift in the retail sector from an income-driven approach, focused on dividends, to one driven by total returns, which includes positive portfolio revaluation.
This upgrade reflects Kepler Cheuvreux's increased confidence in Klepierre's future financial performance and its potential to deliver returns to investors. The new price target implies an expectation of continued growth and value creation for shareholders of the European real estate company.
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