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 3.50 to EUR 3.30.

Challenging market- alongside encouraging operational trends that characterised H1 held true in the July-to-September period. Q3 reporting was close to FBe with rental income and AEBITDA keeping pace with prior year comps, As anticipated, FFO 1 took a hit in Q3 (-10%) due to higher financing costs and perpetual note attribution, but AT brass confirmed their full year FFO 1 guide of €310m to €340m. Liquidity preservation remained in focus, and the company is intensifying talks with its banking network as lending processes are lengthening. Management sound confident in AT’s ability to steer through the challenging market but remain cautious in predicting when financing conditions might improve. We remain Buy-rated on AT1 with a €3.3 TP (old: €3.5).