In a report released today, Bart Gysens from Morgan Stanley maintained a Hold rating on Cofinimmo, with a price target of €85.00.
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Bart Gysens has given his Hold rating due to a combination of factors relating to Cofinimmo’s fundamentals and its pending merger with Aedifica. While first‑quarter EPRA earnings per share rose 8% and net asset value inched higher, the shares already trade at a modest single‑digit discount to NAV, limiting near‑term upside despite operational improvements.
At the same time, like‑for‑like rental growth has slowed materially, with office rents declining and weighing on the overall portfolio’s momentum. In addition, Cofinimmo’s share price is now closely tied to Aedifica’s ahead of the planned merger, and the expected €1.8 billion of asset disposals over the next few years reduces the likelihood of it becoming a net acquirer, leading Gysens to see more attractive risk‑reward in other names for now.
According to TipRanks, Gysens is an analyst with an average return of -5.2% and a 41.00% success rate. Gysens covers the Real Estate sector, focusing on stocks such as Unibail Rodamco Westfield, Hammerson plc R.E.I.T., and Land Securities Group plc REIT.