Klepierre double-upgraded to Overweight from Underweight at JPMorgan

JPMorgan upgraded Klepierre (KLPEF) to Overweight from Underweight with a price target of EUR 38, up from EUR 31. The firm is upgrading the stock based on the stronger capital growth assumptions while noting that its prior bearish thesis predicated on exposure to the weak consumer has not played out, the analyst tells investors in a research note. The stock is trading at 12-times expected FY25 earnings with a 6% dividend yield, which is “attractive” vs. the sector earnings multiple of 17-times, JPMorgan added. The firm says it would view any volatility caused by the continued political uncertainty in France as a buying opportunity.