Pending better visibility, Oddo maintains its neutral opinion on Altarea shares, but lowers its price target to 132E (from 139E).

"Altarea is one of the most attractive companies in a medium-term investment context, given its growth potential and guaranteed dividend", explains the analyst, who expects "FFO 2023e at 231 ME (-16% yoy), i.e. 10.96 E / share".

Nevertheless, Oddo believes that the main short-term catalyst will be the turnaround in residential property development.

"Altarea is determined and confident to become bigger, more profitable, greener and less risky, by targeting a medium-term FFO of between 325 ME and 375 ME (+20% to +35%)", adds the analyst.

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