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 4.40 to EUR 4.10.

Abstract
Q3 results were largely in line with our forecasts and have the landlord well positioned to hit our full-year targets aligned with the mid-point of 2025 guidance, which calls for FFO 1 of €280m to €310m (FBe: €300m). AT recorded 3.1% rental growth for the September period, spurred chiefly by strong performance in the Hotel and Resi segments. Office is holding steady but continues to be burdened by still sluggish German economic activity. However, management are working to make the asset class more resilient to future economic headwinds with conversion of office space into serviced flats and data centres. Our TP is now €4.1 (old: €4.4) after adjusting our estimates for the latest operational developments and financing measures. We remain Buy-rated on Aroundtown (Upside: 42%).