First Berlin Equity Research has published a research update on Aroundtown SA (ISIN: LU1673108939). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 7.30 to EUR 5.10.

Abstract
We are reducing mid- and long-term forecasts to account for the impact of the rising interest environment on FFOPS 1 and DPS. Sector sentiment is poor with investors worried about leverage levels, potential asset value declines, and for commercial landlords, the effects of a looming recession on office portfolios. We see good value in the AT1 stock after steep declines (-62% YTD), but there are few clear catalysts for a rebound on the horizon beyond a stabilisation of the macro environment. Adjustments to our discounted dividend model (DDM) result in a €5.1 target price (old: €7.3). Our rating remains Buy.