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 7.40 to EUR 7.30.

Abstract
Second quarter reporting was close to FBe and has Aroundtown tracking towards confirmed guidance. Led by 2.3% LFL rental growth, FFO 1 remained strong at €186m (+8% Y/Y), and NTAPS edged higher to €10.4. While Q2 was encouraging, the summer market rally was halted last week by comments that the Federal Reserve may have to remain hawkish after all. This sent many property stocks tumbling to new yearly lows. Despite rising macro-uncertainties, we still think AT is well positioned to weather the storm, thanks to its strong liquidity position (€2.2bn) that covers upcoming debt maturities for three years and its exposure to the resilient residential sector via Grand City. After adjusting the share count for the scrip issue, our target price is now €7.3 (old: €7.4). We remain Buy-rated on AT.