Swiss Prime Site initiated with an Equal Weight at Barclays

Barclays initiated coverage of Swiss Prime Site with an Equal Weight rating and CHF 92 price target. The firm finds the Swiss office market “relatively stable,” but sys it has seen less growth than other markets. However, the low cost of debt still available in Switzerland is advantageous, as earnings are likely to face a relatively small headwind on refinancing compared with other markets, the analyst tells investors in a research note. Barclays is positive on Swiss commercial real estate market fundamentals and “marginally” prefers PSP to Swiss Prime Site.