First Berlin Equity Research has published a research update on Grand City Properties S.A. (ISIN: LU0775917882). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 24.00 to EUR 19.00.

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 and potential asset value declines, although prices for German residential properties are still quite stable according to assessors. We see good value in the GCP stock after sharp declines (-59% 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 €19 target price (old: €24). Our rating remains Buy.