NEW YORK (dpa-AFX Broker) - U.S. investment bank Bank of America (BofA) downgraded Grand City Properties to "underperform" from "buy" and trimmed its price target to 8 euros from 23 euros. After an apocalyptic 2022, analysts Marc Mozzi, Markus Kulessa and Allison Sun remain cautious on the European real estate sector in 2023. The impact of tighter monetary policy and rising debt services is likely to be more severe and longer-lasting than many believe, the experts wrote in a research note released Wednesday. They capped their 2024 earnings estimates at a level five percent below consensus. At Grand City, Mozzi points to high loan-to-value ratios, credit risk and falling prices in London./ag/ajx

Original study release date: 01/18/2023 / 01:45 / EST

First disclosure of the original study: 18.01.2023 / 01:45 / EST