Post by account_disabled on Feb 20, 2024 2:56:02 GMT -6
Spanish real estate receives a bucket of cold water at the start of the year. The SOCIMIs, Colonial (-2.53%) and Merlin Properties (-1.29%), have been the worst values on the Ibex 35 this week. Both have been penalized by separate recommendation cuts by Morgan Stanley .
They were values especially punished during the Chinese Student Phone Number List increases in the price of money due to their debt levels and the adjustment of the valuation of their assets to higher rates and the expected change of course of monetary policy allowed a real rally on the stock market in the final stretch of 2023.
Morgan Stanley today announced the new assessment of the European sector, which includes recommendation reductions for the Spanish Socimis Colonial and Merlin and for the French Gecina. The US bank considers that these securities have risen too much on the stock market and that their current prices do not reflect the fundamental values of the companies. In addition, it ensures that its current prices underestimate the risk of a probable new correction.
In the case of Colonial, the bank has lowered it to 'underweight' , although it has raised its target price to 5.8 euros from 5.6 euros. Colonial is currently trading at 6.2 euros. As for Merlin, he has lowered his advice to 'neutral' from 'overweight', although he has raised his price target to €9.7 from €9. Merlin is now trading at 9.6 euros.
Technically, Colonial has slowed down by attacking, at the end of 2023, the highs of the year that it had at 6.70 euros. Now it is taking a breather and is likely to hold in the vicinity of 6 euros.
As for Merlin, it offers a better technical aspect than Colonial, say Bolsamanía experts. At the end of last year it exceeded the annual highs. "Now it is also taking a break. It is important that it stays around 9.3 euros ," they explain.
They were values especially punished during the Chinese Student Phone Number List increases in the price of money due to their debt levels and the adjustment of the valuation of their assets to higher rates and the expected change of course of monetary policy allowed a real rally on the stock market in the final stretch of 2023.
Morgan Stanley today announced the new assessment of the European sector, which includes recommendation reductions for the Spanish Socimis Colonial and Merlin and for the French Gecina. The US bank considers that these securities have risen too much on the stock market and that their current prices do not reflect the fundamental values of the companies. In addition, it ensures that its current prices underestimate the risk of a probable new correction.
In the case of Colonial, the bank has lowered it to 'underweight' , although it has raised its target price to 5.8 euros from 5.6 euros. Colonial is currently trading at 6.2 euros. As for Merlin, he has lowered his advice to 'neutral' from 'overweight', although he has raised his price target to €9.7 from €9. Merlin is now trading at 9.6 euros.
Technically, Colonial has slowed down by attacking, at the end of 2023, the highs of the year that it had at 6.70 euros. Now it is taking a breather and is likely to hold in the vicinity of 6 euros.
As for Merlin, it offers a better technical aspect than Colonial, say Bolsamanía experts. At the end of last year it exceeded the annual highs. "Now it is also taking a break. It is important that it stays around 9.3 euros ," they explain.