TAG Immobilien tops STOXX Real Estate index after DB upgrade
** Shares in TAG Immobilien TEGG.DE rise as much as 6.2%, topping pan-European STOXX 600 Real Estate sub-index .SX86P, after Deutsche Bank upgrades the German group to "buy" from "hold"
** DB analyst Thomas Rothaeusler says sentiment in the European real estate sector has "clearly improved from rather depressed levels a year ago"
** "With the rate cycle rung in by the ECB, we believe the sector outlook will likely turn even more positive," Rothaeusler adds
** DB also ups LEG Immobilien LEGn.DE and Unibail-Rodamco-Westfield URW.PA to "buy" from "hold", and initiates VGP VGP1.BR with "buy"
** Separately, Jefferies says TAG Immobilien has taken "corrective steps to reduce leverage", while warning that Vonovia's VNAn.DE "current leverage limits FFO growth"
RATINGS, PT CHANGES AND INITIATIONS BY DB:
COMPANY | RATING | OLD RATING | PT | OLD PT |
---|---|---|---|---|
TAG Immobilien | Buy | Hold | EUR 16 | EUR 11 |
Vonovia | Buy | unchanged | EUR 33 | EUR 30 |
Grand City Properties | Hold | unchanged | EUR 11 | EUR 10 |
LEG Immobilien | Buy | Hold | EUR 90 | EUR 75 |
Gecina | Hold | Buy | EUR 100 | EUR 110 |
Klepierre | Hold | Buy | EUR 26 | unchanged |
Unibail Rodamco Westfield | Buy | Hold | EUR 85 | EUR 70 |
VGP | Buy | - | EUR 125 | - |
Merlin Properties | Buy | unchanged | EUR 13 | EUR 11 |
PSP Swiss Property | Hold | - | CHF 117 | - |
Reporting by Bernadette Hogg and Marleen Kaesebier
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