Invest Securities reaffirms its 'buy' recommendation on Icade, with a price target slightly lowered from 55.1 to 52.8 euros, based on an adjustment of its sales and margin forecasts for the property development business.

"The first quarter was marked by a collapse in housing orders, while the property company's tertiary assets once again suffered from their peripheral positioning", points out the analyst in charge of the file.

Unsurprisingly, the distribution strategy has not yet been clearly defined. However, the company is not ruling out the possibility of paying an exceptional dividend as early as 2023, following completion of the first stage, scheduled for the end of July at the latest", he continues.

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