Gecina downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Gecina to Neutral from Buy with a price target of EUR 103.5, up from EUR 101.4, as part of a broader research note on Europe Real Estate. Funding liquidity for Office property is expected to remain constrained through 2024, and any increase in transaction liquidity will be partly driven by motivated sellers under financing pressure or large cash-rich Institutional buyers, the analyst tells investors in a research note. The firm adds that it is downgrading the stock following its outperformance year-to-date and its more cautious view on Office values.