A buy recommendation from Goldman Sachs for Grand City Properties is driving shares in the real estate group sharply higher on Tuesday.
Shares in Grand City Properties temporarily gained 6.46 percent on XETRA to EUR 8.00. At times, the paper reached a high since the end of July.
The US investment bank Goldman Sachs previously raised the target price for Grand City Properties shares from EUR 7.50 to EUR 8.80 and changed its recommendation from “neutral” to “buy”. In a study on the European real estate industry, analyst Jonathan Kownator updated his estimates after the first half of 2023. He gave four reasons for his buy recommendation for Grand City: the supply and demand dynamics with low vacancy rates for residential properties, operational progress, manageable debt and the attractive valuation of the share.
The study also raises the sentiment for the entire ailing sector: Vonovia temporarily gained 0.93 percent via XETRA to EUR 20.57 and TAG Immobilien temporarily gained 0.59 percent to EUR 9.92. LEG Immobilien temporarily rose by 0.84 percent to EUR 62.18, Goldman Sachs also raised the price target here.
Editorial office finanzen.net / dpa-AFX / Dow Jones Newswires
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