Invest Securities maintains its 'buy' recommendation on Unibail-Rodamco-Westfield (URW) with a price target revised from 82 to 79 euros, 'due to the lower payout in the short term and slightly higher refinancing costs in the medium term'.

URW published very satisfactory third-quarter data in the wake of a good first half", says the analyst, who points to "impressive" like-for-like rental growth.

These good figures militate in favor of a return to distribution, which is still not certain, but probable, with a pay-out that we expect to be low. However, this should be sufficient to ensure a satisfactory return, given the low share price", he continues.

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